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Delaware Supreme Court Enforces an Express Agreement to Negotiate in Good Faith; Awards Expectation Damages

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June 11, 2013
Client Alert

In SIGA Technologies, Inc. v. PharmAthene, Inc., the Delaware Supreme Court held that under Delaware law agreements to negotiate in good faith in accordance with the terms set forth in a term sheet are enforceable. The Court upheld a finding by the Chancery Court of the State of Delaware that a party breached this good faith covenant by insisting on terms that were inconsistent with the terms set forth in the term sheet.

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