Contract terms means English company must apply Indian law
Failure to do so could prove costly, as one UK company recently discovered. The company entered into an agreement with an Indian supplier to provide it with condoms to be sold in the UK. It was part of the company’s standard terms and conditions that disputes with foreign partners should be settled under English law….
Surge in number of firms facing critical difficulties
The Red Flag Report produced by Begbies Traynor shows that 186,554 UK businesses were experiencing significant or critical financial problems in the first quarter of this year. That was a 15% increase on the same period in 2010. Sectors that are dependent on discretionary spending were the worst affected. Taken year on year, the number…
Penalties imposed on construction firms ‘were too harsh’
The Tribunal said it was important to make a distinction between simple cover pricing and bid rigging, which is much more serious. Bid rigging involved firms joining forces as a cartel in order to enable one of them to win a contract at a lucrative rate. Cover pricing was less damaging. It usually happened when…