Contracts
Sep. 19, 2014
Discounts for timely payments: unenforceable 'penalties'?
It has long been a practice among commercial litigators and their clients to settle with a defendant/borrower and allow a discount if payments are timely made. No more. By Susan L. Vaage and Ellen Kaufman Wolf
It has long been a practice among commercial litigators and their clients to agree to a settlement with a defendant/borrower which allows a discount if settlement payments are timely made. Unfortunately, this practice potentially has been invalidated by Greentree Financial Group Inc. v. Execute Sports Inc., 163 Cal. App. 4th 495 (2008), and Purcell v. Schweitzer, 224 Cal. App. 4th 969 (2014).
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