Selling a business? Your indemnity clause probably doesn’t transfer pre-closing negligence

An engineering firm sold its assets through an asset purchase agreement that included a broad indemnity clause. Years later, when a grain elevator it had negligently designed before closing was found to be defective, the seller settled the claim and sought to recover from the buyer under the indemnity. In Strongco Corporation v Nordstrong Equipment...

This is a short preview. The article was written by Miller Thomson LLP and the full text is on their website.