Backdating contracts uk daily mail
The position is then clear to all who subsequently look at the document. The event did not happen during the time period required for the benefit so an attempt is being made to pretend that it did. When a sale happens near the end of a month, the motivations are often money related.
Reyes and Jensen were the first in the country to be charged in the stock option backdating investigation. It's what you hold up to say what could happen. Specialist advice should be sought about your specific circumstances.
Reyes has continued to deny wrongdoing and has claimed that he depended on advice from Canova and Jensen about stock options practices. For example, in Research in Motion Ltd. Reyes and Jensen were originally charged in July with one count each of securities fraud. However, he only realizes this in January and so wishes to backdate the document to December. The company attempted to impede the unionization by hiring additional employees that were against the union.
The dealership may be trying to preserve a manufacturer incentive for the customer that otherwise would have expired. The best way of doing this is to have a defined term such as Commencement Date or Effective Date, and to state in the body of the contract that the contract takes effect from that date. Backdating Must Not Contravene Applicable Rules or Legislation In addition to misleading a third party, backdating may also be impermissible where it contravenes applicable rules or legislation. For obvious reasons, any request to backdate a document for these reasons should be flatly turned down.
Further information on this story appears in a Los Angeles Times news report here. Even after the costly legal problems faced by Pearson Ford and others, many dealerships continue to backdate contracts, dealership experts say. If initial financing falls through and the deal is delayed while alternative financing is sought, the sales contract is rewritten. The Colorado association covered backdating in several compliance seminars it sponsored for its members last fall.
District Court for the Northern District of California. Using the original date on the rewritten contract can lead to violations of the federal Truth In Lending Act and of some state laws.
The argument is obviously not valid if the transaction is one which is required by law to be in writing such as a transfer of land. For example, if a seller had sold his house in December then the seller could have taken advantage of certain tax benefits. Make sure the date on the sales contract is the current date. Or the dealership may be trying to hit a sales target to earn a dealer incentive from the factory.
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