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I was partners with 4 others. For various reasons, we wanted…

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I was partners with 4...
I was partners with 4 others. For various reasons, we wanted a Seperation Agreement. An important part of that agreement pertains to paying the company debts on time that I personally guaranteed. However, the wording was such that it is unclear. It states to pay the debt in full by 10.2012. One of the 4 opposing partners, also is on the debt and is very clear as to what the intent was going into the agreement. The intent was for them to pay the debts timely. Another opposing partner is in agreement as well. Recently that company stopped making payments. 2 partners are pissed stating you cant do that and 2 are saying screw it the agreement says pay "in full" by 10.2012. Other parts of the agreement talk about taking 10% of my commission and applying it to the debt monthly and they have been paying on time for 8 months. That has not been done. They are in default, 2 partners dont want to pay and the others want me back as their partner.
Submitted: 8 years ago.Category: Business Law
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Answered in 6 hours by:
6/18/2010
Business Lawyer: lwpat, Attorney replied 8 years ago
lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
Experience: Attorney with over 35 years of business experience.
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When there is a disagreement as to a contract, the courts will try to ascertain the intent of the parties and enfoce teh contract based in the understanding between the parties. One thing that they look to is course of conduct. If the parties have been operating in one fashion, it can't be changed since by the course of their conduct they have defined the intent of the parties and have resolved any ambiguities by ratifying that conduct. Unfortunately it takes court action so at this point you need to contact a business law attorney and pay him to straighten it out. Here is the referral site

 

http://www.martindale.com

 

Usually the attorney can negotiate a resolution without going to court.

 

lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
Experience: Attorney with over 35 years of business experience.
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Customer reply replied 8 years ago
Thank you.
Customer reply replied 8 years ago

There is a section in our agreement for Injunctive Relief and of course their not making payments creates a lot of personal harm. So if i have to go to court, it would be too late. I built this 16 yyear old company and my continued operation in the finance field requires that I have good credit. unfortunately I cannot cover those bills right now since they have run the company into the ground. However, they do have other companies that I can go after. I have many other questions so how should I present them to you? A couple at once or more?

Business Lawyer: lwpat, Attorney replied 8 years ago
Try no more than two at a time and we will see how it goes. It really depends on the question.
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