Contracts — agree to delay, forfeiture of safety sum

Posted February 26, 2019 3:40 PM

Where an asset purchase agreement did not contemplate forfeiture of deferred payment due to delay in completing an audit of the assets, the lower court order was affirmed.The 7th U.S. Circuit Court of Appeals affirmed a decision by U.S. District Judge Richard L. Young, Southern District of Indiana.As part of an asset purchase agreement, entered into in 2014, American Welding & Gas Inc. paid ARC Welding Supply Co. $1,534,796.06 for ARC’s assets, primarily its asset cylinders. ARC was a distributor of compressed …

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