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All our other counterparties have agreed this: Difference between revisions
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All our other counterparties have agreed this (view source)
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You can rely on the [[in-house lawyer]]’s stock answer – “last I heard, we hadn’t outsourced our internal control function to our competitors” – and that should be the end of it. Or you could call your client’s bluff. Ask which of your peers has agreed such suicidal terms. Ask for copies of the [[contract]]s in which they did so. | You can rely on the [[in-house lawyer]]’s stock answer – “last I heard, we hadn’t outsourced our internal control function to our competitors” – and that should be the end of it. Or you could call your client’s bluff. Ask which of your peers has agreed such suicidal terms. Ask for copies of the [[contract]]s in which they did so. | ||
Now another broker may have agreed these terms. Perhaps it really was as supine or foolish as your client is asking you to be: it is always nice to know your competitors’ weaknesses. But that doesn’t mean you should follow suit. Most likely, the concession was subject to a giant [[quid pro quo]] your counterparty has | This will outrage your [[client]] (and, on his behalf, your [[salesperson]]) but he really has only himself to blame: he brought it up. He can hardly appeal to the confidentiality of contracts which, in his previous breath, he was happy to tell you all about. | ||
Now another broker may have agreed these terms. Perhaps it really was as supine or foolish as your [[client]] is asking you to be: it is always nice to know your competitors’ weaknesses. But that doesn’t mean you should follow suit. Most likely, the concession was subject to a giant [[quid pro quo]] your counterparty has neglected to mention. And the [[broker]] may have only ''appeared'' to concede the point, skilfully burying a countermeasure in a schedule, [[side letter]] or a crafty [[double negative]] in the definitions section. | |||
There are many commercial and legal reasons to agree to unpalatable terms. That “all your competitors have agreed it” is not one of them. | There are many commercial and legal reasons to agree to unpalatable terms. That “all your competitors have agreed it” is not one of them. | ||
''[[disclaimer]]: The descriptions of [[salespeople]] in this article are all fictional. Any resemblance to any [[salesperson]], alive or dead, is entirely coincidental. Like, totally.'' | ''[[disclaimer]]: The descriptions of [[salespeople]] in this article are all fictional. Any resemblance to any [[salesperson]], alive or dead, is entirely coincidental. Like, totally.'' | ||
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