Long-term liabilities meaning

Checklist This Checklist highlights the principal points and provisions to address when preparing and negotiating the novation of a contract to a third party. Precedents Novation agreement-long form Novation agreement-short form Deed of novation-long form Deed of novation-short form Short form letter of novation Information on novation Practice Note: How to novate a contract Practice Note: Novation-why and how to novate a contract Third parties, subcontracting and transfers-overview For sector-specific guidance in construction, see: Novation in construction projects-overview. Note that for contracts novated on or after 31 December 2018, the Business Contract Terms (Assignment of Receivables) Regulations 2018, SI 2018/1254 may render ineffective any restrictions on assigning receivables. For further detail, see the drafting notes and optional clauses in Precedent: Assignment clause, and News Analyses: Updated draft regulations on business contract terms and Back for good-new Business Contract Terms (Assignment of Receivables Regulations) 2018. The Regulations as made introduce...

Who was the report commissioned for? Your client may have no entitlement to rely on a report that was not commissioned for them. If it was prepared for a different party, review the report’s terms and conditions, or the consultant’s appointment, to identify any express provision: authorising third parties to rely on the report, or mandating a collateral warranty or reliance letter to be issued in a pre-agreed form Where neither an express term nor a pre-agreed collateral warranty exists, consider seeking: a bespoke collateral warranty extending reliance to your client an assignment transferring the report to your client a reliance letter addressed to your client the report to be readdressed to your client, on clear terms and conditions to rely on the Contracts (Rights of Third Parties) Act 1999, unless its operation is excluded in the terms and conditions It is also essential to confirm for whom the report was commissioned,...

In this issue: Advertising, marketing and sponsorship Contracts Data protection International Supply chain LexTalk®Commercial: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings—5 November 2025 The Advertising Standards Authority (ASA) received a single complaint about advertising by On The Beach Ltd, which stated that customers booking particular holidays would be given free access to airport lounges. The ASA upheld the complaint. See: LNB News 05/11/2025 27... Contracts Ms Amlin Marine NV (on behalf of Ms Amlin Syndicate AML/2001) v King Trader Ltd [2025] EWCA Civ 1387 The Court of Appeal (Civil Division) dismissed the appellants’ challenge and confirmed that a ‘pay first’ clause in a marine insurance policy was enforceable against the Charterer. The policy had been issued by MS Amlin Marine NV to Bintan Mining Corporation (the Charterer), which had chartered the vessel Solomon Trader...

In this issue: Disputes and remedies Enfranchisement and right to manage Repairing obligations and dilapidations LexTalk®Property Disputes: a Lexis®Nexis community Additional Property disputes updates Daily and weekly news alerts Dates for your diary Trackers Latest Q&A Disputes and remedies Application for an injunction to restrain the sale of properties failed (Matthews v Matthews (a protected party, by his deputy Anne Minihane)) In Matthews v Matthews (a protected party, by his deputy Anne Minihane) [2024] EWHC 2182 (Ch), the Chancery Division refused the claimant’s (R’s) bid for an injunction preventing the disposal of the defendant’s (F’s) properties. F, an elderly individual lacking capacity to manage his property and financial affairs, was represented by an interim deputy (M). R and F were second cousins with a long-standing connection through their farming interests. R had also previously served as F’s health and welfare attorney. To discharge F’s liabilities, M was instructed to sell three plots of agricultural...

In this issue: Property management Leasing property Residential property Transferring property Investigating title Property insolvency Easements, rights and covenants Property development Additional property updates this week Daily and weekly news alerts New and updated content Trackers Property management Building Safety Act 2022 and recoverability of service charges In Adriatic Land 5 Ltd v Long Leaseholders at Hippersley Point [2025] EWCA Civ 856, the Court of Appeal considered whether paragraph 9 of Schedule 8 to the Building Safety Act 2022 (BSA 2022) operates retrospectively so as to bar landlords from passing on specified service charge liabilities to holders of qualifying leases. By majority, the court also concluded the pertinent BSA 2022 provisions have retroactive effect. Consequently, a landlord is prohibited from recouping certain expenditure incurred before BSA 2022 came into force on 28 June 2022 from leaseholders with qualifying leases. Accordingly, any landlord who had not reclaimed the relevant service charges from...

Scope of this Practice Note This Practice Note sets out the main types of radioactive waste and examines disposal against the EU-defined waste hierarchy. It places contemporary management of radioactive waste within the historical development of the nuclear industry from a planning standpoint. Principal policy documents are reviewed to chart the evolution of government thinking over time. Geological disposal of Higher Activity Waste (HAW) under the Planning Act 2008 (PA 2008) is compared with alternative disposal routes under the Town and Country Planning Act 1990 (TCPA 1990) and the Planning (Wales) Act 2015. Consultation duties, application processes and required consents are identified for both regimes. Notable planning appeals and judicial review cases are highlighted before looking at international approaches to radioactive waste. What is radioactive waste? In the UK, radioactive waste arises—and will arise—from past, current and future programmes for electricity generation from nuclear fission, the reprocessing of nuclear fuel, the development of nuclear weapons, the nuclear submarine fleet and wastes from radioactive materials used for civil...

This Practice Note provides a concise overview of bankruptcy and its effect on legal proceedings from a dispute resolution standpoint, summarising key points in practice... What is bankruptcy? Bankruptcy is an insolvency route for individuals. It applies to individuals only. Prior to 6 April 2016—and in contrast to corporate liquidation—only the court had power to make an individual bankrupt. From 6 April 2016, a new bankruptcy applications regime took effect, replacing debtors' bankruptcy petitions, though creditors' petitions remained unaffected. Petitions lodged by debtors before that date were unaffected; now, anyone seeking their own bankruptcy must file an online application decided by an adjudicator—an official of the Insolvency Service—rather than the court. For more detail and background, see News Analysis: New bankruptcy applications regime to come into force. Once a bankruptcy order is made—by the court or by the adjudicator—it releases the debtor from liabilities owed to creditors (subject to certain statutory exceptions) and bars unsecured creditors from starting—or continuing with—any legal process against the bankrupt or their property...

This Practice Note sets out a comparison of headline aspects of the FIDIC 2017 and NEC4 suites, highlighting similarities and distinctions across their principal features. It specifically concentrates on the NEC4 Engineering and Construction Contract (ECC) and the FIDIC Red Book 2017 (Red Book), used primarily where the Contractor constructs to the Employer’s design in practice (although, where the scope includes any Contractor design, the Red Book accommodates this). For commentary on the 1999 edition of the FIDIC Red Book, see Practice Note: FIDIC 1999 and NEC4 contracts compared. Overall philosophy FIDIC FIDIC contracts are the leading international standard-form construction agreements. They are often described as ‘written by engineers, for engineers’. The suite is also recognised for balanced risk distribution, with liabilities generally allocated to the party best able to manage them (the EPC/Turnkey variant, widely referred to as the Silver Book, is something of an exception). As one would expect from documents devised by engineers, the Engineer has a central function in a number of the...

This precedent has been produced on the basis that the drafter is acting for the buyer. The following warranties have been prepared for a transaction where: The Buyer will provide pension benefits through its own arrangement or via an appointed provider; and Employees’ past service benefits will not be transferred to the Buyer’s arrangement. You are strongly advised to involve a pensions specialist at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 7 inclusive: Employee means [ [specify as necessary, either by category or by named individuals ]; Pension Scheme [ s ] mean [ s ] [ [ name(s) of scheme(s) ] OR an arrangement or practice for the payment of, or contribution towards, an annuity, pension, lump sum, gratuity or similar benefit to be given on retirement, long-term ill-health or death, or pursuant to a pension sharing order, in relation to the service or historic service of an Employee or any other person, or...

This Agreement is dated [ insert day and month ] 20[ insert year ] Parties [ insert name of selling corporate entity ], a company registered in [ England and Wales OR [ insert country of incorporation ] ], with number [ insert company number ], whose registered office is at [ insert address ] (Seller) [ insert name of purchasing corporate entity ], a company registered in [ England and Wales OR [ insert country of incorporation ] ], with number [ insert company number ], whose registered office is at [ insert address ] (Buyer) [ Insert name of guarantor entity ], incorporated in [ England and Wales OR [ insert country of incorporation ] ], with number [ insert company number ], whose registered office is at [ insert address ] (Guarantor) [ Each of the Seller, the Buyer and the Guarantor is a Party and, collectively, the Seller, the Buyer and the Guarantor are the Parties. ]...

1 Definitions Within this Agreement, certain expressions carry specific meanings. Illustrative terms include: AA 2020: the Agriculture Act 2020; ATA 1995: the Agricultural Tenancies Act 1995 Adjoining Property: Retained Land and nearby premises; Adjoining Property Rights: rights over the Holding benefiting such land Agreement: this instrument and any supplementary or collateral document Annual Rent: yearly sum payable from the Rent Commencement Date on Rent Days Authority: any statutory, public or local body, court, government department or duly authorised officers Conduits: media and equipment for carrying energy, data or substances Costs: losses, expenses, damages and liabilities Direct Payment: any BPS Payment or SFS Payment, as applicable Eligible Holding: parts of the Holding qualifying for a Rural Support Payment Forfeiture Event: designated insolvency processes, non-payment, or breach Genetically Modified Organisms: as defined by the Environmental Protection Act 1990, including modified or derived crops Holding: the identified property shown on the Plan Insured Risks: perils the Landlord...

This Q&A assumes that the lease was disclaimed by a liquidator for the insolvent tenant. On a disclaimer of the lease, the insolvent company's rights, interests and liabilities fall away; however, the disclaimer leaves untouched the rights or liabilities of any other person, save only so far as is necessary to release the company from liability (section 178(4) Insolvency Act 1986 (IA 1986)). Consequently, where a mortgage is in place, the lease is treated as continuing to exist so as to give effect to, and protect, the mortgagee's rights in that scenario...