The Financial Crimes Enforcement Network has issued an interim final rule that removes the obligation for U.S. companies and U.S. persons to report beneficial ownership information (BOI). Now, only foreign entities registered to do business in the U.S. must comply, but they are not required to report U.S. persons as beneficial owners.
Using COVID-19 Liability Waivers to Protect Your Business
By John Rafferty — As many institutions take further steps to reopen, most are interested in creating a safe environment and simultaneously, reducing liability for future COVID-related issues. Some institutions have gone so far as to ask that persons receiving services sign liability waivers, which are essentially agreements not to sue, should COVID-mitigation efforts fail.
Pennsylvania courts, however, do not favor liability waivers and will uphold them only when 1) the clause does not contravene public policy, 2) the contract is between persons relating entirely to their own private affairs; and 3) each party is a free bargaining agent to the agreement so that the contract is not one of adhesion. (It’s not one of adhesion if both parties could merely walk away if they so choose.) Kibler v. Blue Knob Recreation, Inc., 184 A.3d 974, 981 (Pa. Super. 2018). When these criteria are not met, a liability waiver is unlikely to be enforceable in Pennsylvania.
John Rafferty is a former Naval Officer, a Fulbright Scholar and works as a Litigation attorney at Gawthrop Greenwood, PC. He can be reached at jrafferty@gawthrop.com or 610-696-8225.
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