Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The Dilemma of Liquidated Damages: Even after Default, Fairness Remains a Key Component of Enforceability
A recent court decision striking down the liquidated damages provision of an aircraft lease should cause lessors to rethink (and possibly redraft), their standard remedies clauses.
In AAR International, Incorporated v. Nimelias Enterprises S.A., Vacances Heliades S.A. and Princess Airlines S.A., 2004 WL 2966659 (N.D. ILL.), No. 99 C 8090 (Dec. 1, 2004), the U.S. District Court for the Northern District of Illinois, applying Illinois law, declared the lessor's liquidated damages clause in an aircraft lease as an unenforceable penalty since such calculation both: 1) permitted spontaneous recovery by lessor of both actual and liquidated damages, and 2) did not take into account the early recapture of the leased aircraft and credit lessee with the difference between the estimated residual value at the end of the lease term and the greater value of the aircraft when it was repossessed.
Whether viewed as an anomaly or not, the AAR decision should serve as a warning to lessors (as well as investors purchasing or taking collateral assignments of leases) to pay special attention to the way their remedy provisions are drafted so as to avoid the unfortunate outcome that befell AAR International, Incorporated (“AAR”).
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.