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Electronic Information-Hacking for Business (Make it a Dream and Not a Nightmare)August 23, 2011
Our lives have been irrevocably changed by technology. We use technology every day and rely upon the usefulness of it. The technology which businesses utilize is normally designed to make work easier, more effective and efficient. As technology advances, so do the minds of those who want to use technology dishonestly or for the wrong purpose. An article in the Wall Street Journal pointed out how technology being used dishonestly can cripple your business. http://online.wsj.com/article/SB10001424052702304567604576454173706460768.html As a business owner, we all want to provide better and memorable service to our customers. Providing memorable service to our customers generally requires the use of software and/or digital information which often times saves and stores information about our customers electronically. This can and should be a dream come true as a business owner! If your business is collecting personally identifying information on your customers such as social security numbers, corporate EIN numbers, drivers license numbers, date of birth, credit card numbers, banking information, etc, North Carolina law and Federal regulations require you to take actions to safeguard that information. The North Carolina law was enacted to protect identity theft. The Federal regulations are referred to as “Red Flag” policy and was designed to identify activities, inquires, inconsistencies and information which should be considered “red flags” regarding customer information. Hacking into business data is no longer only for the big companies. Each and every small business needs to be proactive in protecting the information collected on behalf of your customers. If you have questions regarding the North Carolina law or Federal regulations, please feel free to contact us. Make the use of your technology a dream for your business! Franchisors Entitled to Lost Profits from Terminated FranchiseesAugust 16, 2011
Earlier this year, the United States Court of Appeals for the Fourth Circuit considered a case where a franchisor sought to recover lost profits from a franchisee it terminated for a breach of the franchise agreement. In Meineke Car Care Centers, Inc. v. RLB Holdings, LLC, the Court ruled that even though the franchise agreement did not specifically provide for damages for lost profits, the franchisor could recover them since the franchisee’s breach was the cause of the franchisor’s lost profits, the franchisor was reasonably certain to realize revenue absent the franchisee’s breach, the franchisor’s damages calculation was reasonable and the damages for lost profits were reasonably supposed to be within the contemplation of the parties. As a franchisee or a prospective franchisee, the important rule to take from this case is that if you are terminated by the franchisor, the franchisor can recover lost future profits from you to which the franchisor would have been entitled absent a breach of the franchise agreement. From a practical standpoint, there are some basic principles to apply to avoid the situation contemplated above. It is imperative that a franchisee or prospective franchisee carefully read and fully understand the franchise agreement. In particular, a franchisee must understand what constitutes a breach, when and how the franchisor may terminate the relationship and what are the franchisee’s options for terminating it. While disputes between franchisors and franchisees are sometimes unavoidable, knowing and understanding the franchise agreement and the related legal rights can go a long way in protecting a franchisee from severe financial penalties such as damages for lost profits. Lien Law Revision UpdateAugust 1, 2011
After a great flurry of activity early in 2011, the North Carolina Bar Association’s Construction Law Section shepherded suggested changes to Chapter 44A into the legislative process. We have taken to referring to House Bill 489 as “The Little Engine that Could” in that on several occasions the bill seemed to have lost momentum only to regain its footing. Finally, the House passed a modified version of the bill which would create a study commission made up of industry members who will take the original proposal and work it into something palatable to the industry as a whole. |
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