Legal Question in Business Law in Georgia

Contract question

I entered into a deposit agreement with the formalization clause:

The Buyer(s) and XYZ will formalize and ratify a XYZ Corp Plant Owner / Operators Agreement within twelve months (12) from the date of this Agreement, failing which The Buyer(s) deposit will be returned in full, and this Agreement will be terminated.

At a later date we did formalize and ratify a plant License agreement but no where it the agreement did it say anthing about a Owner / Operators Agreement.

After 12 months is the Deposit Agreement terminated if the Owner / Operators Agreement is not ratified?


Asked on 12/22/07, 3:18 pm

3 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Contract question

Have a lawyer review the documents and other relevant facts. No one can possible tell you whether or not an agreement is termintated based on a few short sentences posted.

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Answered on 12/22/07, 3:22 pm
Charles W. Field Charles W. Field, Attorney at Law

Re: Contract question

I would never give even an existing client of mine an answer to a question such as yours, based just on the information you provided. The reason is that even my long-time clients don't always tell me all the important details. Consult with a local attorney to have the whole situation reviewed.

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Answered on 12/22/07, 4:35 pm
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Contract question

As Mr. Riddle and Mr. Field alluded to in their postings, the determination of whether the Deposit Agreement was terminated will depend on the terms of the two contracts and the facts. So, you will need a business attorney to review the agreements and discuss the situation with you.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 12/26/07, 2:45 pm


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