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Loren
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I am a contract programmer (write code for automated trading)

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I am a contract programmer (write code for automated trading) and have performed extensive work over the past three years for a Calif. company consisting of two individuals, one the owner of the company, and the other his "partner". A large part of my "compensation" was "in consideration for developing proprietary trading strategies and other services ... is granted permanent permission to trade in his own account and for the account of immediate family members any and all strategies developed for [the company]." This addendum to the original contract was signed by the "partner". Now the owner and partner are breaking up, and the owner is claiming that the partner granted me this permission without his authorization and has had his lawyer write me that this contact is null and void and that I cannot trade these strategies. That leaves me without any compensation for thouisands of hours of work and denies me of future profits, estimated to be in the milliions. What shoule I do?
Submitted: 5 years ago.
Category: Legal
Expert:  Loren replied 5 years ago.
In a general partnership any partner has authority to bind the partnership. If you worked closely with the owner and he led you to believe the partner spoke for him and had authority to bind the partnership, you may be able to bar his renunciation of the contract under the concept of "apparent authority".

You should be able to file suit to enforce the terms of your contract and I think you have a better than fair chance of prevailing or, at least, forcing the other side to settle with you under terms you find acceptable.

As always, you urged to refer to local counsel to protect your rights in this matter before taking any action.

Good luck. I hope this is helpful.
Loren, Attorney
Category: Legal
Satisfied Customers: 20337
Experience: 30 years experience representing clients.
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