With a background in maritime law, Phil Powell joins us to dig into a vessel purchase and sell agreement. Vessel purchase and sale agreements outline the rights and obligations of both parties. Delivery, timelines, and condition precedents are of high significance in these agreements. As the general counsel for a company that owns and operates fishing and research vessels, he shares how these agreements tend to be unique and what drafters can do to make these robust. So, let’s tear it down.
Elon Musk made headlines when he offered to buy Twitter in April 2022. Not long after, he implied publicly that he wanted out of the deal. Then, his lawyers claimed Musk could opt out of the Agreement and Plan of Merger because Twitter wouldn’t disclose its true number of active users. According to their interpretation, this constituted a breach of contract.