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Category: Business Law
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My corporation (one officier, no employees)had a contract with

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My corporation (one officier, no employees)had a contract with a pharmaceutical company , the contract has ended, what are my responsibilites to the pharmaceutical company?
Submitted: 7 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 7 years ago.
What is the nature of the contract?
what state are you in?
Customer: replied 7 years ago.
to do a investigator sponsored drug the contract they only provided indemnity for the packaging and integrity of the drug...they did provide funding for the study, however stated the we were the sponsor. The study went over budget...we are not asking for any additional funds we are paying any outstanding bills with our own monies and they want a financial audit. The contract ended 12-31-08. The last patient was enrolled 11/30/2007. We are in PA
Expert:  INFOLAWYER replied 7 years ago.
If the contract is over and you fully performed, you need not do anything further without further compensation, especially as you say you have performed already without being paid fully.   If this additional work is needed you can negotiate a price for same.
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Customer: replied 7 years ago.
We have outstanding debts to pay because we were over budget. We ARE NOT asking for any further funding to help with these debts. Are we legally bound to agree to a financial audit by the company if we are asking for no funds to cover our debts and the contract has expired?
Expert:  INFOLAWYER replied 7 years ago.
If not covered by the contract, negotiated on consent, or required by court order following a litigation, you do not need to agree to same.
Customer: replied 7 years ago.
If the corporation is dissolved, can they pursue litigation
Expert:  INFOLAWYER replied 7 years ago.
They would have nothing to recover so unlikely to so pursue.

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