News: Contract Law
Covenant breach 'shows need for contract law training'
07 January 2009
The importance of contract law training has been highlighted by a multi-media group which has received notification that it is in breach of its banking covenants.
Sports Media Group (SMG), the publisher of the Daily Sport and the Sunday Sport, was given notice of the infringement yesterday.
It states it has also failed to reach an agreement on revised terms for a contract covering its banking facilities.
While the terms of the covenant have not been disclosed, it is possible this could have been avoided with business contract law training.
"[SMG] is seeking to remedy the breach through further discussions with the existing finance providers and is also exploring a number of alternative financing sources and structures," the firm's statement reveals.
In other news, the business contract law dispute between state-owned Gazprom and the Ukraine has led to all gas being transported through the nation being cut off.
Russia usually provides Europe with a quarter of its supply of the resource and shortages have hit a number of countries due to the dispute.
