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Old 05-12-2008, 01:28 PM   #1 (permalink)
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Investor not paying for insured product

We have an investor that just decided he didn't want to pay for liability insurance on our product that we have taken to market, can he just stop paying like that?
We cannot continue to sell our product on our website and to other customers knowing that he is not paying for the liability insurance on this.
This is a partnership with our investor and he just stopped paying!!
What recourse do we have??

Last edited by boskovich12@hotmail.com; 05-12-2008 at 02:10 PM. Reason: add more to our story
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Old 05-12-2008, 04:44 PM   #2 (permalink)
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Quote:
Originally Posted by boskovich12@hotmail.com View Post
We have an investor that just decided he didn't want to pay for liability insurance on our product that we have taken to market, can he just stop paying like that?
We cannot continue to sell our product on our website and to other customers knowing that he is not paying for the liability insurance on this.
This is a partnership with our investor and he just stopped paying!!
What recourse do we have??

Do you have the terms of this agreement in writing, signed, notarized as being an official legally binding agreement?
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Old 05-12-2008, 10:25 PM   #3 (permalink)
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investor stop paying

Quote:
Originally Posted by GentleGrace View Post
Do you have the terms of this agreement in writing, signed, notarized as being an official legally binding agreement?

YES, we do have an agreement of everything he was suppose to do as an investor with our company, but he seems to do whatever he wants and not always the right thing. Now, being that we are not insured, we have to stop the entire company from doing any business with anyone until we get this resolved.

Last edited by boskovich12@hotmail.com; 05-12-2008 at 10:28 PM. Reason: add more to the story
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Old 05-13-2008, 05:59 AM   #4 (permalink)
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Quote:
Originally Posted by boskovich12@hotmail.com View Post
YES, we do have an agreement of everything he was suppose to do as an investor with our company, but he seems to do whatever he wants and not always the right thing. Now, being that we are not insured, we have to stop the entire company from doing any business with anyone until we get this resolved.

As with any contract, if one party has breeched the terms of the same, you should have legal recourse. I would contact an attorney and set in motion legal action that would force him into compliance with the original agreement.
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