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Attorney2020
Attorney2020, Attorney
Category: Business Law
Satisfied Customers: 2578
Experience:  I am a practicing attorney. I have experience in business law, bankruptcy, real estate law and estates.
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I am an insurance agency. My agency sold policies

Customer Question

I am an insurance agency. My agency sold policies for company a. Years went by and Company A was acquired by company B effective with policies written in 2012 and forward. Now 3 years later company B decides to conduct a commission audit of company a going as far back as 2007. Any commission issues that my agency may have had were settled long ago. Most contracts stipulate certain time periods for disputes or audits to be conducted.
When Company B acquired Company A. adjustments were made for certain inaccuracies. My question is can company B go all the way back to 2007 conduct and audit and without explanation of details charge me back $43,000? Are there time periods? The business was sold with a contract between Company A and myself in TX.
Submitted: 1 year ago.
Category: Business Law
Expert:  Attorney2020 replied 1 year ago.
No, the contract governs and Company B is restricted from audits pursuant to the agreement and contract entered into by Company A. Company B is required to renegotiate Company's A's contract if its included to modify any of Company A's agreements. Company B cannot charge back $43,000 in breach of the contract entered into by Company B. I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. Thank you.
Expert:  Attorney2020 replied 1 year ago.
I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation. Thank you.PLEASE RATE MY ANSWER.

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