Legal Question in Employment Law in New York

Breach of Contract

I have an employment contract calling for the payment of a percentage of investment management fees for accounts I transferred to my firm when I retired. The contract was honored for four years. In August I received a call from them that they ''couldn't pay me after the September 2008 quarter. I notified them that I expected the contract to be honored. They are withholding the current check pending my signing off on terminating the contract. While I am willing to negotiate a settlement for a lump sum, I will not sign off just to get the check. I can arbitrate the dispute under the contract. Assuming I win, can I get reimbursed for the legal and aritration expenses I incur. Also what happens in the future if they refuse to pay again. Do I have to start all over to enforce the contract a second time? Thank you, John


Asked on 11/11/08, 3:00 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Breach of Contract

The key is in the wording of the arbitration award. The best result for you is an award that is prospectively enforceable as a judgment. That is, it should not only require them to pay what they owe, it should also state your entitlement for the future and give you the means to enforce that. That minimizes the possibilities for future problems.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 11/11/08, 5:29 pm


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