Buyer (based 15 miles east of South Bend, Indiana) provides restraint systems for applications, including child seats, school buses, trucks, recreational and construction vehicles, and agricultural equipment. Target (based out of Oklahoma City) manufactures and supplies seat belts and seat…
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Buyer of business not barred from pre-closing products liability indemnification because 2-year survival provision applied only to rep & warranty breach
Posted in indemnification, survival of reps and warranties
Seller of lawn and garden business loses $8.6 million of escrowed purchase price because it made an untimely objection to buyer’s indemnification claim
The buyer purchased a lawn and garden business from the seller in February of 2015. Among the assets acquired were equipment and machinery to manufacture plastic pots, flats, trays and other items used to grow and sell plants. The condition…
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