Legal Question in Business Law in Virginia
business contract
we have a business purchasing agreement with an individual for intellectual property. We are paying 10% of each workshop until her death-how state in the agreement that the payments terminate at her death and that her heirs can have no claims to payments after her death?
1 Answer from Attorneys
Re: business contract
It's not quite clear what your question is but if you mean to terminate all responsibility to pay the heirs of the intellectual property provisioner at her death, then you could include a provision in your operating agreement with her to that effect and also suggest that she include a similar provison in her will which should make it doubly clear that these payments are to cease upon her death and that her heirs are to have no viable or valid claim to such payments continuing after the provider's death.
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