Gain an understanding of important drafting considerations when including evergreen clauses in your contracts.
An important provision in contracts that contemplate ongoing performance by one or both parties is the contract term. In many cases the term provision is given short shrift or even ignored all together, leaving the parties unclear how long performance is to continue and when, if ever, the contract may be terminated. In other cases -- without much consideration - parties agree to auto-renewal or evergreen clauses that automatically extend the contract term absent some action by one of the parties to prevent the renewal. This topic considers the fundamentals of drafting evergreen clauses in contracts. You will obtain an understanding of the legal principles applicable to the term of a contract, including contracts with definite terms, indefinite terms, and contracts with evergreen clauses. You will receive an overview of important drafting considerations when including evergreen clauses and how to ensure that your contract is clear and enforceable. Focused on practical steps, you will be interested in this discussion of evergreen clauses.
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview
Contract Law and Time and Term Provisions
- Contracts of Definite and Indefinite Duration
- Exclusivity of Termination Provisions
- Enforceability of Evergreen Clauses
Restrictions on Use of Evergreen Clauses
Drafting Effective Evergreen Contract Clauses
- Clearly Defining Duration and Renewal
- Notice Period Considerations
- Other Considerations
Conclusion and Questions
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 26, 2018.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Christopher Tompkins
Jenner & Block LLP
- Partner in Jenner & Block LLP’s Chicago office where he practices commercial litigation
- Extensive experience assisting clients resolve disputes involving a variety of subject matters and venues, including the sale of goods under the Uniform Commercial Code (UCC)
- Has assisted clients with an array of matters including the failure to supply, early termination, pricing, product quality and breach of warranty, and supplier bankruptcies
- Counseled corporate clients regarding best contracting practices under the UCC, including review and revision of contracting procedures, and standard contract forms
- His clients span an array of industries including steel and mining, food and beverage, consumer packaged goods, automotive and heavy manufacturing, electric utilities, chemical companies, and equipment lessors
- Has written and spoken extensively about these areas, including articles on breach of warranty and electronic contracting
- Member of the Chicago and American Bar Associations and the international Bar Association
- J.D. degree, magna cum laude, Loyola University Chicago School of Law; B.A. degree in economics and politics, cum laude, Catholic University of America
- Can be contacted at 312-840-8686, [email protected] or www.linkedin.com/in/christopherptompkins
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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