Document Retention and Destruction in Indiana – Learning CDs and Manual Available

Bowers Harrison, LLP attorney Mark Miller presented a seminar entitled “Document Retention and Destruction in Indiana” on April 30, 2014. Topics included:

• Developing Document Retention and Destruction Policies and Procedures
• Understanding Business Records
• New Technologies and Cyber Security
• Business Record Management in Anticipation of Litigation
• Real-World Applications of Business Record Policies
• Best Practices – Balancing Organizational Needs and Litigation Risks

Educational materials from this seminar are now available for purchase through Lorman Education Services.

Mark Miller to Present on Document Retention and Destruction Policies in Indiana

On April 30, 2014, Bowers Harrison, LLP attorney Mark E. Miller will give presentations on Document Retention and Destruction Policies in Indiana.  Program highlights include:

  • Developing Document Retention and Destruction Policies and Procedures
  • Understanding Business Records
  • Indiana Legislation Applicable to Records Management
  • New Technologies
  • Cyber Security – Protecting Your Company Data
  • Business Record Management in Anticipation of Litigation
  • Real-World Application of Business Record Policies – What Happens When the Fingers Start Pointing
  • Best Practices – Balancing Organizational Needs and Litigation Risks

Please contact Bowers Harrison for a 20% discount off the registration fee.

 

INDIANA SECRETARY OF STATE GOING GREEN: NO MORE PAPER REMINDERS FOR BUSINESS ENTITY REPORTS

 

The Indiana Secretary of State ("SOS") has announced that paper reminders for business entity reports will be a thing of the past.  Instead, Indiana business owners will now receive email notifications regarding their business' annual or biennial business entity report.  It is anticipated that this change will result in savings of $250,000.00 each year for Indiana taxpayers and allow Indiana to continue to have some of the lowest business filing fees in the United States.

For-profit corporations and limited liability companies (domestic and foreign) are required to file biennial reports in the month the entity was formed and to pay a $30.00 filing fee.  Nonprofit corporations (domestic and foreign) are required to file annual reports in the month the entity was formed and pay a $10.00 filing fee.  Indiana law is clear that failure to file business entity reports and pay the associated fee will result in a business being either administratively dissolved or revoked.

With this move towards a paperless system by the Indiana SOS, Indiana business owners must remember to maintain a current email address on file with the Indiana SOS to ensure that owners receive the business entity report reminders and keep their businesses in good standing with the State of Indiana.  The Indiana SOS has indicated that it is in the process of developing an online application, through which business owners can update their email addresses at anytime.

If you have questions about this or any other issue related to your business, please contact any member of the Business Counsel and Contracts Practice Group.

 

HE CAN OUTRUN DEFENDERS BUT HE CAN’T CATCH MOM

Approximately 30,000 high school athletes each year will sign a National Letter of Intent (NLI) to play their particular sport at the collegiate level.  The NLI is a binding agreement that the school will provide financial aid to the student athlete and the student athlete agrees to attend the school for at least one year.  All student athletes under the age of 21 must have a legal guardian or parent sign the NLI before the NCAA regards it as binding.

Some states require an individual to be older than 18 years of age in order to enter into an enforceable contract.  The NLI has implications on scholarship commitments and even the ability to play at another school if the student athlete were to transfer.  Many collegiate athletic conferences have established policies on the ability of a student athlete to transfer and to complete at another institution after signing a NLI.

National Signing Day for high school football players has become a national media event with ESPN covering the signings throughout the day.  Last weeks’ event included a bizarre turn of events for one signee.

Alex Collins a highly regarded running back from Flordia was prepared to express his commitment to the University of Arkansas.  His mother did not approve of his selection and took the NLI papers and went into hiding. Without the paperwork and the required signature of his legal guardian or parent Mr. Collins was unable to commit to Arkansas despite the publicity surrounding his announcement (he eventually signed the paperwork with his father’s endorsement).

Before you make the decision to announce which school’s colors you will be wearing next season make sure your Mom or Dad are on board with your decision (and are available to sign the NLI).

ISO 50001 – Energy Management System Standards

ISO 50001 is a voluntary International Standard developed by the International Organization for Standardization (ISO) to provide organizations an internationally recognized framework to manage and improve their energy performance. The standard addresses the following:

•Energy use and consumption
•Measurement, documentation, and reporting of energy use and consumption
•Design and procurement practices for energy-using equipment, systems, and processes
•Development of an energy management plan and other factors affecting energy performance that can be monitored and influenced by the organization.

ISO 50001 provides a framework for organizations to set and pursue its own goals for improving energy performance.  The standard is keyed to implementation of an energy management system ("EMS").  An EMS is a series of processes that enables an organization to use data and information to maintain and improve energy performance, while improving operational efficiencies, decreasing energy intensity, and reducing environmental impacts. 

Adoption of ISO 50001 is important to establish a more systematic and sustainable approach to managing energy within a facility. Conformance to the standard provides proof that a facility has implemented sustainable energy management systems, completed a baseline of its energy use, and committed to continual improvement in energy performance. The value of certification will be driven by market forces within supply chains, potential utility incentive programs requiring ISO 50001, and the standard's relation to future carbon mitigation policies.

Information about ISO 50001 is available from the U.S. Department of Energy, Office of Energy Efficiency and Renewable Enrgy.  http://www1.eere.energy.gov/office_eere/faq.html

If you have any questions regarding this issue or any other renewable energy or energy efficiency  issues, please contact the author, Mark E. Miller.

DEFAULT AND REMEDY CLAUSES IN COMMERCIAL REAL ESTATE PURCHASE AGREEMENTS

The default and remedy clauses in commercial purchase and sale agreements are often treated as boilerplate provisions and not given adequate consideration or scrutiny. At the time of drafting a purchase and sale agreement, default and potential remedies are not at the forefront of the issues the purchaser and seller are considering and negotiating.

The default and remedy provisions are a critical part of any purchase and sale agreement and should be given careful consideration by both purchaser and seller. Both parties are at risk of default under the purchase and sale agreement and exposure to a number of potential remedies, including specific performance, monetary damages and other legal or equitable remedies. The time to address default and remedies is prior to execution of the purchase and sale agreement, but frequently the purchaser and seller do not give these provisions consideration until problems arise and there is a dispute between the parties.

Once a default has occurred it is not the time you want to first consider the default and remedy provisions of the purchase and sale agreement. Careful evaluation of possible defaults and the potential remedies is critical in the negotiation of the purchase and sale agreement.

If an event of default does occur under a purchase and sale agreement, good counsel is important to maximize the recovery for the non-defaulting party or protect the defaulting party against excessive damages. The enforcement of remedies under a purchase and sale agreement will present numerous legal and practical challenges to both the defaulting party and non-defaulting party.

We regularly assist clients in negotiating default and remedy provisions as well as all other aspects of purchase and sale agreements and commercial real estate transactions. Our focus is to get the deal done while protecting our clients' interests during contract negotiation and, if necessary, remedy enforcement.  If you need assistance in connection with a commercial purchase and sale agreement or any other aspect of a commercial real estate transaction, please contact the author, Christopher L. Lucas, or the Bowers Harrison attorney with whom you usually work.