Opinions Committee Report on Third Party Remedies Opinions (2007 Revision)
This ground-breaking report summarizes the Business Law Section’s recent re-examination of the third-party remedies opinion in business transactions.
The remedies opinion is an opinion that one or more transaction documents are enforceable. The opinion can serve as an important part of the opinion recipient’s “diligence,” but can also add significant time, financial cost and other burdens to the closing of a transaction.
The purpose of the report is to make the opinion process more efficient and to reduce significantly the burden on California lawyers and their clients related to remedies opinions by addressing several key matters, including: when remedies opinions are warranted; how “customary practice” applies in the context of remedies opinions; which exceptions are implied as a matter of customary practice and which should be separately stated; and when a “generic exception” is appropriate.
For a copy, contact the section coordinator or visit the CLA Bookstore. See Report on Third-Party Remedies Opinions for our online version of the report.