Default Judgment : Judgment

Default Judgment

The Contract You Thought You Made: Forfeitures and Penalties (Plus A Bonus--The Contract You Never Thought You MadeÃÂ) (Part 2)
P. Sean Murphy of Thompson & Knight LLP

The petroleum industry has had its share of companies fall into cash flow problems or, worse, go bankrupt, especially in the 1980s after the oil price crash of 1985-86. Following these experiences, the remaining players in the industry drafted very tight and onerous (some may even say draconian) provisions to deal with a defaulting party under various agreements. It is now common to include various provisions dealing with the possibility of a party filing or being forced into bankruptcy.
Insurer Must Show Due Diligence Before Court May Vacate Default Judgment Against Insured
Robert D. Brugge of Knapp, Petersen & Clarke

Insurers frequently are presented with questions as to whether their insured has been validly served and at what po.