Is predating a check legal


20-Jun-2020 07:56

You will also need to consider two other things from a legal perspective.Firstly, additional formalities may be needed to complete the legal transfer of assets or granting of rights.

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Although it may have been intended to put in place a new arrangement by a particular date – often a year end – that date may now have passed. Obviously the ideal position is to put in place the legal documents in advance. Well, it depends on what was transferred, and whether it can be said that the relevant transaction has already happened.

Even though the transaction may have already happened in substance, it’s important to find out what the other legal consequences may be, so that steps can be taken to mitigate the risks.

These two general areas mean that some legal due diligence should be carried out to identify and address areas for corrective action.

To be clear, having a later effective date does not mean that the contract will not be binding until that later date.

The contract is binding when both parties have accepted the contract.The transaction should be ratified by minutes or resolutions of the participating entities.