Welcome to the April FIX! In this issue we address one of the most important relationships a business must maintain: vendor relations. We share proactive approaches to ensure you start your vendor engagements on the right foot, what every vendor contract should include, and best practices for acquiring vendor arrangements in a merger or acquisition.
Also, in recognition of Earth Day (4/22), take a moment to learn more about Cleveland-based Emerald Build Environments, who helps businesses bring sustainable business practices into their operations.
There are only six categories of plaintiffs that can sue your business and focusing on these areas allows you to proactively protect your interests. That’s why we created CoverMySix® (CM6). One of the areas to which you need to pay special attention is vendor engagements. Vendors are anyone you pass money to, including suppliers, landlords or cleaning companies. We advise our CM6 clients to thoroughly examine all the terms in their contracts with key vendors—the ones whose services, if disrupted, would have the most significant impact on their business. It’s crucial to ensure that the following terms are clearly defined:
• A detailed description of the vendor’s performance, including quantity and quality, and the time, place and manner of delivery.
• Any representations or warranties you expect the vendor to provide concerning its company or the products or services it offers.
• Detailed payment terms.
• The remedy for breach or non-delivery of goods or services.
• Any indemnifications you expect the vendor to provide if its goods or services cause harm to others.
• Dispute resolution provisions, including choice of law, venue and jurisdiction for resolution, and processes for resolving any disputes.
We often receive questions about leverage, such as what happens if the vendor is too big to negotiate, or if negotiation slows down or stops the contract process.
Our response offers two suggestions when it comes to contract negotiation. First, make sure that you understand all the terms and agree to them. Second, we recommend including a “waterfall” dispute resolution provision in the contract, or as a separately executed document. We previously wrote about this in a prior edition of The Fix, where we provided suggested language to keep your company out of court. In our upcoming book on how to protect your business from costly and stressful lawsuits, we will provide even more information on this topic.
As always, our goal is to provide valuable insights to help you better protect your business. Strengthening your vendor relationships is just one way that you can mitigate your risk and cover your six.
If you want to learn more about your biggest litigation risk areas, we invite you to take this online assessment. In only a few minutes, you will receive your free CoverMySix® custom report and can begin proactively guarding your business investments.
SUSTAINING GOOD VENDOR RELATIONS – 5 TIPS TO BUILD CONTRACTS THAT LAST
Maintaining positive vendor relationships is essential for any successful business. But how can you ensure that your contracts with vendors are built to last? Senior Associate Attorney Randi Nine shares five tips for creating vendor contracts that sustain good relations and prevent potential conflicts down the line.
OBTAIN, RETAIN AND SUSTAIN: HOW TO ATTRACT TOP TALENT THAT STAYS ONBOARD
In today’s competitive job market, it can be challenging to attract and retain top talent. However, with the right strategies, it’s possible to not only obtain but also retain and sustain a team of high-performing employees. In this addition of the Talent Fix, Executive Recruiter Tiffany Sacasas will explore some effective ways to attract top talent that will stay onboard for the long haul. From building a strong employer brand to offering competitive compensation and benefits, we’ll cover everything you need to know to create a workplace that top talent will want to be a part of. If you’re ready to build a winning team, don’t miss out on these valuable insights!
Sustaining Vendor Contracts in a Merger or Acquisition: Best Practices for Success
Mergers and acquisitions can be complex, and maintaining vendor contracts during these transitions can be a challenge. In this addition of the Deal Fix, M&A Director Collin O’Donnell will discuss best practices for sustaining vendor contracts during a merger or acquisition. From identifying key vendors to understanding contract terms, we’ll cover everything you need to know to ensure a successful transition. With our expert advice, you’ll be able to maintain strong vendor relationships and minimize disruption to your business operations. Don’t miss out on these valuable tips for navigating the complexities of vendor contracts in mergers and acquisitions!
Sustainability Takes Flight: Introducing Emerald Built Environments and SOAR 600
We love to introduce companies that do remarkable things in the business world and in our communities. This month, we are excited to introduce you to Emerald Built Environments. They are an international sustainability consulting firm that helps businesses achieve their sustainability goals through engineering and building science services. With the celebration of Earth Day this month, it is the perfect time to highlight their remarkable work.
Emerald Built Environments has an impressive portfolio of client work around the world in residential, commercial, and industrial spaces. They take on projects big and small, in new or existing buildings. They are passionate about providing their clients with sustainable solutions for financial and performance success.
I think you will find Emerald’s latest article valuable, “10 Ways to Be More Sustainable at Work,” which provides practical tips for beginning or expanding workplace sustainability. They cover everything from reducing energy consumption to promoting sustainable transportation options.
On the topic of sustainability, we are proud to share that Gertsburg Licata has just launched a business incubator: SOAR 600. This co-workspace provides small businesses with the opportunity to qualify for free rent, utilities, and business services, and will have the added benefit of sharing office resources, helping to maximize use of resources. Supporting companies like Emerald Built Environments and launching initiatives like SOAR 600, we hope to encourage more businesses to prioritize sustainability in their operations.
Everyone and their brother is talking AI these days. It’s head-spinning. One place I’ve been going to in order to keep up is the blog of Ethan Mollick, Associate Professor at the Wharton School at the University of Pennsylvania. His blog is here, and this post is a great place to start. (I often find that college professors do a great job simplifying complex topics. I’m not that smart, so this is a useful concept for me, especially with AI and technology.) Another one is Prof. Scott Galloway. Check out his two podcasts The Prof G Show and Pivot for all things tech and business. And, finally, the post 5 Ways To Spot AI-Generated Images is a good tutorial to keep you up to speed on AI generated content.
Gertsburg Licata Opens Troy Office Detroit Business Journal
Cleveland law firm launches co-working, business accelerator program Soar 600 Crain’s Cleveland Business
Suits, settlements – attorneys offer advice for win-win case Cleveland Jewish News
