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I’m not talking about shouting or causing injury in negotiations….…but rather about allowing the other side to become so dependent upon your fulfilment of a (non-contractual) promise that it is prepared to enter into whatever agreement you give them in order to see that promise fulfilled.
That was the position of ship owners in a recent case who, having breached a previous obligation to provide a ship, so delayed the subsequent provision of the ship that the Charterers were prepared to sign almost anything (including a waiver in respect of previous losses) to get the ship and to avoid catastrophic loss.
Whilst nothing illegal was done, the court found the contract was obtained by “economic duress” and therefore unenforceable.
When you’re in a very strong negotiating position dealing with a desperate counterparty the lesson seems to be not to push your luck too far – after all – nobody likes a bully!
With its claims to disrupt and transform many areas of our lives, AI is now part of our day to day vocabulary.
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Are you frustrated by Brexit? If so, that’s more than can be said of the European Medicines Agency’s (EMA) £13m a year lease at Canary Wharf.
Last week, the annual Consumer Electronics Show in Las Vegas showcased some emerging consumer technologies - from a sensor which tests food for peanuts to air-bags for your hip.
The Royal Bank of Scotland is current embroiled in a £12billion class action brought by its former shareholders over the bank’s fundraising before its 2008 government bailout.
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