For healthcare groups, many employ those who are a part of a union. The union functions as a spokesperson for the employees as a whole, especially in instances of employment disputes. Recently, a group of hospitals in New York, including some of the largest private hospitals, has agreed to a three year employment contract for many of their workers. The union, 1199SEIU, is the largest New York health care union.
Rarely do organizations agree to terms with their partners, vendors and other associates on the first pass of review over new contracts. In fact, a New York business may go through numerous iterations of an agreement before it is ready to sign off on it and bind itself to the terms set forth therein. When a business enters into a contract it is responsible for fulfilling its responsibilities and can be penalized if it fails to follow through on its promises.
Many New York companies have trademarks that help define the company's identity to consumers and the public. In addition to trademarks, many companies also have a unique trade dress that also helps to define the company. One may wonder: What is trade dress and how is it protected?
When a Manhattan business owner decides to sell their business, or alternatively, if they decide to purchase another business, there are a number of ways such a deal could be structured. One way is the purchase and sale of a company's stock. Another way is an asset purchase and sale agreement.
Whether it is in a major deal or the normal course of business, companies enter into contract on a frequent basis. These contracts serve as an agreement between two or more parties. This agreement outlines the duties of each party. The ultimate goal of a contract is to not only protect the agreed upon terms, ensuring they are followed but to protect the interests of the party. When a contract is not complied with, this is considered a breach of contract. A breach of contract not only harms the business relationship but could result in the non-breaching party suffering damages.