Business and commercial agreements for the sale of property can be complicated in Alabama. When there is a company that seeks to purchase and develop land or redo an established building or area, there are many issues that can crop up to cause problems or to outright ruin the deal. While the complainant with what sounds like a reasonable position as to why they are filing a claim might seem to be in the right, the defendant could also have a viable argument. Having legal defense is imperative to those who are confronted by a lawsuit and an experienced law firm is critical toward that end.
A lawsuit was filed in Alabama asserting that a federal utility in Tennessee has blocked the sale of an unfinished nuclear power facility. They assert that blocking the sale was illegal. The developer states that the Tennessee Valley Authority breached the contract when it did not allow a sale that had been previously negotiated to continue. The bid of more than $110 million was accepted in an auction from 2016. The sale was set to close soon. However, TVA stated that the buyer needed to have approval from a U.S. regulatory agency and that was not granted.
TVA states that the licensing issue is the reason for the deal being scrapped. Lawyers for the buyer say that the assertion is erroneous. The buyer’s attorney wants the court to compel TVA to complete the sale according to the agreement. Nearly $30 million has been spent for the down payment and for maintenance. The buyer wants $60 million in damages if the sale is not completed.
With business and commercial deals that reach the nine figures, it is inevitable that there will be complications. For companies that believe they are in the right when they decide not to move forward with a deal that had already been agreed to, lawsuits are inevitable. Having a legal defense team that is experienced in Alabama law is one of the key factors in a successful resolution. For businesses that are large, small and anywhere in between, calling for advice is critical. A business and commercial law firm can help with crafting a defense or negotiating a settlement and should be contacted immediately.
