Robert Adams, one of the victims of last week’s terrorist attack in San Bernardino, CA, was the nephew of a contract employee who works for ASA member firm Olympic Staffing. Michael Lamp, Olympic Staffing founder and chief executive officer, says the family could be helped by a GoFundMe crowdfunding campaign that has been established to raise money for Adams’s wife and 20-month-old daughter. The American Staffing Association has made a contribution in Adams’s name.
Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
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