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Extract to table / research-memo-il-surcharge-contract-interpretation.docx
research-memo-il-surcharge-contract-interpretation.docx
Parties
HARKNESS LLP
Nexford Industrial Holdings Inc
Drayton Partners LLC
Pinnacle Economics Group LLC
Meridian Bridge Consulting LLC
Teachers Realty Corp
Omnitrus Merging Corp
Inland Real Estate Corp
Dates
September 8, 2022
August 8, 2022
January 15, 2020
January 14, 2023
December 12, 2022
Amounts
$4.73
$2.18
$1.47
$1.08
$0.21
$1.68
$287
$415
$620
$740
Obligations
The Surcharge Methodology set forth in Exhibit C to the MSA prescribes the specific calculation approach that Cardinal Peak must follow when determining surcharge amounts
During the pendency of a dispute, Nexford is required to pay the undisputed portion of the applicable invoice
Where the language of the contract is clear and unambiguous, the court must enforce the contract as written, without resorting to extrinsic evidence of the parties' intent
The contract must be construed as a whole, giving meaning and effect to every provision, clause, and word
Conditions Precedent Under Illinois Law A condition precedent is "an act or event, other than a lapse of time, that must occur before a duty of performance arises
A condition precedent must be strictly complied with before the other party's duty of performance arises; failure to satisfy the condition excuses the other party's performance entirely