Underwriting agreement representations and warranties examples

October 5, 1.

Underwriting agreement representations and warranties examples

Under the VCPA, the Attorney General, attorneys for the commonwealth, and attorneys for any county, city, or town in Virginia may seek investigative orders, injunctions, civil penalties, costs, and restitution.

Governmental authorities enforcing the VCPA are required to give the defendant advance written notice when seeking injunctive relief. The VCPA provides broad powers to the foregoing governmental authorities. For example, the VCPA also authorizes ex parte investigative orders to inquire into the contractual activities of the respondent if voluntary requests are unproductive.

Prerequisite to such orders is reasonable cause to believe that a violation of the VCPA has occurred or is about to occur. Reasonable cause is viewed as a lower standard than probable cause. Moreover, if an alleged violator receives a notice from one of the foregoing governmental authorities by certified mail that an act or practice is in violation of the VCPA, and the act or practice continues, it is prima facie evidence of a willful violation.

For a willful violation of the VCPA, the commonwealth is authorized to recover civil penalties, costs, attorney fees, and expenses. Private Causes of Action. A contractual limit on liability for negligence will be strictly construed, limiting the likelihood that such a contractual limit will be enforced.

The remedy for an unintentional violation of the VCPA is merely restitution plus payment of reasonable attorney fees and costs. This limit to restitution is underwriting agreement representations and warranties examples when a bona fide error can be shown, under a rationale similar to the federal Truth-in-Lending Act.

underwriting agreement representations and warranties examples

To obtain this limit, the supplier is required to show that the violation of the VCPA was unintentional. Good faith alone, without procedures reasonably adopted to prevent the violation, is not sufficient to succeed with the defense.

The statute of limitations under the VCPA is two years from the date the right to bring an action accrued. However, persons initiating an action under the VCPA are authorized to toll the time attributable to a case, and all appeals therefrom, brought by the commonwealth. Peninsula Motor Cars, Inc.

An employee of Peninsula represented to Wilkins that the car was new despite the fact that the car's odometer was at miles. In fact, the car had been previously titled and was considered a used car.

Wilkins discovered Peninsula's misrepresentations when he received the title to the car in the mail. The trial court made Wilkins elect between the remedies, but the Supreme Court held the case did not present irreconcilable causes of action which would require Wilkins to elect between them.

Virginia Home Sales Solicitation Act. Home sales solicitation involves contracts for sale or lease in which the seller uses personal solicitation or telephonic or other electronic means at any residence other than the residence of the seller.

The seller is required to provide to the consumer a copy of the full receipt or offer to purchase containing all the terms of the contract. Additionally, the seller is prohibited from misrepresenting the nature or purpose of the transaction.

underwriting agreement representations and warranties examples

The seller is required, immediately at the time of the solicitation, to identify himself or herself as a seller or a lessor, or the consumer has 30 days to cancel the sale and tender the goods or merchandise back in good condition. Three-Day Cooling Off Period.

The consumer is authorized to cancel a home solicitation sale until midnight of the third business day after the day on which the consumer signs an agreement or offer to purchase. However, if a consumer gives the seller a request, signed by the consumer and dated, that the seller provide the goods or merchandise without delay because of an emergencyCand the seller makes substantial good faith performanceCthe consumer's three-day right to cancel the contract will not apply.

All other waivers of the consumer's right to cancel the contract are void. The seller is not entitled to compensation if there has been a proper cancellation. After proper cancellation, the seller must tender any payments back to the consumer within 10 days after the cancellation.

Sample Representations And Warranties - FindLaw

Until the seller complies with this requirement, the consumer may retain the goods, but the seller has a lien on the goods. The consumer is not required to make tender of the goods or merchandise at any place other than the consumer's residence.

In addition to the relief authorized under the VHSSA, several other bases for consumer relief are authorized. The attorney should also review the transaction for common-law contractual fraud. Truth-in-lending and other statutory contractual disclosure requirements should be reviewed as well.

In addition to the seller's loss of right to compensation if a proper cancellation under the VHSSA has been made, a request for quantum meruit by the seller is also susceptible to rejection. Prizes and Gifts Act. The Prizes and Gifts Act requires that anyone stating that a person has "won" something in connection with a sale or lease of goods, property, or services must actually deliver the prize within 10 days without obligation or expense to the recipient.

The Prizes and Gifts Act also prohibits false representations that a person has been specially selected and simulation of checks and invoices unless they are clearly identified as something other than checks and invoices. The Prizes and Gifts Act excludes solicitations for books, recordings, video cassettes, periodicals, and similar goods regulated by the Federal Trade Commission Rules and contractual plans to which the consumer has consented in advance.R&W insurance is designed to protect the policyholder from losses resulting from breaches of representations and warranties contained in a purchase agreement for the .

BenSelect Enrollment Site. You must have a valid administrative user ID and password to access this website. FDIC Law, Regulations, Related Acts [Table of Contents] [Previous Page] - Rules and Regulations Appendix A to Part —Statement of Policy on Risk-Based Capital.

[Rev. 6/2/ PM] CHAPTER - MUNICIPAL OBLIGATIONS. GENERAL PROVISIONS. NRS Definitions.. NRS “General obligation debt” defined.. NRS “Installment-purchase agreement” defined..


NRS “Local government” defined.. NRS “Medium-term obligation” defined. and warranties in the acquisition agreement, while avoiding the seller’s credit risk. representations and warranties made by the seller in the Acquisition Agreement.

Though a rep and warranty policy can be structured to cover very specific reps or warranties, payment of an up-front underwriting fee. These fees can run from $25, to.

Consumer Credit Act,

Representations and warranties in M&A transactions (July 26, ), by Karen C. McConnell and Laura Anne Kowal of Ballard Spahr LLP. License Agreement Representations. There is a lot of crossover between the representations found in License agreements and Transfer agreements.

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