When a bank fails and the FDIC repudiates a construction loan—ending further “draws” or disbursements—the borrowers can’t setoff damages they suffer because of repudiation to reduce the amount of debt they owe under the loan. That’s what a panel of judges from the US Court of Appeals for the 11th Circuit decided in Placida v…. Continue Reading
Who has “priority” when a mortgage lender and mechanics lien claimant both want they money from the foreclosure sale of property with an uncompleted construction project on it. Explaining the basics of “priority”
Lessons about vacating arbitration awards from the 5th Circuit’s decision in Saipem America v. Wellington Underwriting Agencies and how the decision could affect you
5th Circuit re-affirms that the reasons for vacating an arbitration award in Section 10 of the Federal Arbitration Act are the only reasons for vacating arbitration awards. Leaves one to ponder what will be the future of “manifest disregard for the law” as a reason to vacate arbitration awards.
Most British readers already know that Lord Justice Jackson and his panel of assessors issued an interim report earlier this month in their Review of Civil Litigation Costs. The interim report raises a lot of issues that should interest readers outside Great Britain too, especially in other countries with common judicial systems (e.g., the United… Continue Reading
In the last post we talked about how a judge decides who’s the “prevailing party” that’s entitled gets their attorneys fees and costs under the attorneys fee and cost provision in a contract (an “F&C provision”). Today we pick-up on the next issue – if you are the prevailing party, how much of your fees and… Continue Reading
Construction contracts and architects agreement often include attorney fee and cost provisions. These are those sections saying that if there is a dispute, the losing side must pay for the winning side’s attorneys fees and costs. Sounds pretty simple. But it isn’t. There’s a lot of before getting the other side to pay for your… Continue Reading