Legal News

Recently, the North Carolina Supreme Court issued a decision impacting the application of the economic loss rule in commercial settings, particularly construction. This article provides a refresher on the economic loss rule before turning to an overview of the Court's decision and its potential impact....By: Ward and Smith, P.A.

On October 8, 2020, Hank Harris, the director of Ward and Smith Business Consulting and a senior chairman at FMI Corporation, delivered the keynote address at Ward and Smith's 2020 Virtual Construction Conference. Harris, an industry veteran with over 30 years of experience in construction consulting, addressed the current economic state of the construction industry, forecasted the economic scenarios that construction companies might face over the next year or two, and offered advice on how......

During Ward and Smith’s recent virtual "Construction Conference," six of my partners and I covered a range of emerging legal issues — most related to the pandemic — that are important for construction companies. In a rapid-fire legal update format, we covered how......By: Ward and Smith, P.A.

Liquidated damages are a sum specified in a contract as the measure of recovery in the event of a breach of the contract. Liquidated damages provisions are common in construction contracts to guard against damages that the owner or a contractor might suffer if a project is delayed beyond the completion date set forth in the contract......By: Ward and Smith, P.A.

As the impact of COVID-19 on financial markets continues to play out, so does its effect on M&A transactions. Many deals have been cancelled or are on hold as parties struggle with valuation, availability of financing, and uncertainty with respect to business models. But M&A has not halted altogether; in light of diminished valuations, buyers with strong capital positions may actually see increased activity. There is no doubt, however, the terms of purchase agreements will evolve due to the...B...

For many business owners, the intended exit strategy is to sell to a competitor or a larger company, thereby taking advantage of the upside on the value they have created through years of diligent and hard work building a successful business. While selling a business can be an exciting process, both financially and personally, there are important issues to consider prior to reaching the point of being able to sell your company. Below, we have outlined five important issues that business owners....

As the economic crisis stemming from the coronavirus pandemic unfolds, it is ever more important that contractors and subcontractors protect their payment rights and avoid the risk of double payment; i.e., the risk of having to pay twice for the same work. On private projects in North Carolina, one of the most common methods for protecting payment rights and defending against double payment claims is the Notice of Contract mechanism. The Notice of Contract mechanism is also one of the most...By...

On April 21, 2020, the United States Environmental Protection Agency ("EPA") and Army Corps of Engineers ("Corps") completed step two of the two-step "repeal and replace" process ordered by President Trump in 2017 by publishing the final rule...By: Ward and Smith, P.A.

This week the General Assembly of North Carolina provided some relief to developers with active development approvals. Pursuant to Senate Bill 704, signed into law on May 4, 2020 (the "Act"), the expiration of those approvals and related vested...By: Ward and Smith, P.A.

The Fair Labor Standards Act of 1938 ("FLSA"), for decades, has permitted employers to pay some workers a lower minimum hourly wage than would otherwise be due if the workers receive at least a minimum amount per month in the form of customers' tips....By: Ward and Smith, P.A.