Figuring out the liability.
Q: I have recently bought an insurance business, but the original figures upon which I calculated th...
Q: I have recently bought an insurance business, but the originalfigures upon which I calculated the valuation of the company were wrong.
Do I have any comeback on the vendor?
A: The answer to this question lies in the contract signed on the purchase
of the company.
All properly drawn up contracts will include warranties of fact - no
government notices of having done anything wrong, no problems with the
employees, etc. This list of warranties can run to several pages and,
crucially, should include
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