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My corporation (one officier, no employees)had a contract with

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a pharmaceutical company , the...
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: 8 years ago.Category: Business Law
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4/4/2009
Business Lawyer: Infolawyer, Attorney replied 8 years ago
Infolawyer
Infolawyer, Attorney
Category: Business Law
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What is the nature of the contract?
what state are you in?
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Customer reply replied 8 years ago
to do a investigator sponsored drug study...in 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
Business Lawyer: Infolawyer, Attorney replied 8 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.
Infolawyer
Infolawyer, Attorney
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Customer reply replied 8 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?
Business Lawyer: Infolawyer, Attorney replied 8 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.
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Customer reply replied 8 years ago
If the corporation is dissolved, can they pursue litigation
Business Lawyer: Infolawyer, Attorney replied 8 years ago
They would have nothing to recover so unlikely to so pursue.
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