Stay Bonus Agreements: What They Are and How to Use Them

Rincker Law Business/Commercial Law 1 Comment

A stay bonus agreement, also referred to as a retention bonus agreement, is a written agreement between a company and a key employee to induce the employee to stay with the company. Understanding the definition and purpose of this type of bonus agreement is critical for both business owners and employees. A stay bonus agreement is a contract between a …

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What Is a Promissory Note and When Should I Use One?

Rincker Law Business/Commercial Law Leave a Comment

You have probably heard the term promissory note, but do you understand what a promissory note is and when one can and should be used? A promissory note is simply a written promise to repay someone who has loaned you money. More specifically, it sets forth the terms for repayment of a loan on or by a specified date. A …

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Episode 34 of Ag Law Today: Contracts in a COVID Era

Rincker Law Food & Ag Law, Podcasts Leave a Comment

Loved this convo with Brianna Schroeder of Janzen Agriculture Law out of Indianapolis.  We talk all things contracts and COVID, concentrating on force majeure clauses.  Be sure to subscribe on YouTube so you don’t miss a beat.

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Ask Kym: What are Force Majeure Clauses?

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You may have heard the term “force majeure” being discussed a lot with regard to parties fulfilling their contractual obligations in light of Coronavirus.  Businesses and individuals, alike, are wondering whether force majeure contract clauses will actually hold-up in the face of the Coronavirus pandemic. Many businesses rely on their force majeure clauses regarding “acts of God,” when they have …

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Ask Cari: Force Majeure Clauses in Light of COVID-19

Rincker Law Business/Commercial Law Leave a Comment

Businesses across the globe have experienced unprecedented interruptions and closures because of the COVID-19 pandemic. As a result, many businesses are finding it difficult to perform their contractual obligations. Consequently,  a common but often overlooked contractual clause is in the limelight: the force majeure clause. Contrary to popular belief, the mere existence of a force majeure clause does not invalidate …

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Ask Stephanie: Should I update my Contracts in Response to COVID-19?

Rincker Law Business/Commercial Law, Employment and Labor Law, Equine Law, Food & Ag Law 1 Comment

As we watch the Nation shut down major events, restaurants, and bars as well as limit social gatherings to a small amount of people, what happens to contracts that may not be able to be fulfilled because of the rippling effect of COVID-19, the “Coronavirus”? The answer lies in whether the parties have a written contract. And, if the terms …

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Ask Cari: What are Stay Bonus Agreements?

Rincker Law Business/Commercial Law, Employment Law Leave a Comment

Do you have certain key employees who help make your family business a success? Keeping those employees may be essential to a successful transition of ownership and management to your children or another new owner when you retire or pass away. A “stay bonus” (also called a retention bonus) is a strategy that is frequently used by large companies during …

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4 Steps to Ensure the Enforceability of E-Signatures

Rincker Law Business/Commercial Law Leave a Comment

More and more, transactions between small businesses and their customers, vendors, and service providers occur online rather than on paper. Yet some feel uneasy about the enforceability of these electronically-signed documents. Is an electronic signature as valid as a conventional handwritten signature? Under state and federal law, e-signatures are recognized as valid and enforceable: Most states have adopted the Uniform …

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Business Law: General Release for Video-Tapped Testimonials

Rincker Law Business/Commercial Law Leave a Comment

My office just drafted a simple general release form for an agri-business client seeking permission to videotape client testimonials and use the recordings online.  I think it’s a great idea to have a simple consent form to use for these types of situations where video-taped, audio-recorded and/or written testimonials are used in marketing materials.  I suggest having language about the …

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Top 5 Legal Issues for Illinois Farmers in 2017

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I am speaking this morning to the Macon Co. Farm Bureau in Decatur, Illinois.  Here my Top 5 Legal Issues for 2017 (can you guess what they are?): [slideshare id=73385005&doc=maconco-170320224504]

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Illinois Family Law: Common Law Marriage

Rincker Law Family/Matrimonial Law Leave a Comment

Interestingly, Illinois does not recognize common law marriage (i.e., when two people cohabitate and hold the other out as a spouse for a certain period of time); however, Illinois WILL recognize a common law marriage in other state if that couple then moves to Illinois and then wants a divorce. Importantly, this doesn’t affect child support if there are kidlets …

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Farm Machinery Leases

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Leasing farm equipment, rather than buying it, may be appropriate when the equipment is only needed for a short period of time or if the value of the equipment will be low after the intended use or if the farmer is limited by income or funds. The following terms are what should be included in the lease for lease of …

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