Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeInvesting in a failed venture does not qualify for termination and reimbursement if the failure is due to a business risk that materialized
Commercial, Banking and Financial
Dispute Resolution
Two entities executed a contract for a joint project, with one bearing financial obligations and the other being in charge of promoting the project. Eventually, the project failed, both due to regulatory reasons and due to the fact that it was not properly promoted. The financing party sought to terminate the contract and receive reimbursement […]
The obligation to publish prices to the consumers applies also on mother company that may be subject to a financial sanction if a subsidiary did not publish
Business, Corporate and Joint Ventures
Commercial, Banking and Financial
Dispute Resolution
The Commissioner for Consumer Protection and Fair Trade imposed a financial sanction on ‘Rami Levy Hashikma Marketing’ food chain because the ‘Cofix’ chain, controlled by ‘Rami Levy’, did not publish to the public the prices of goods sold in its stores. The Court held that the sanction was duly imposed. Israeli law requires a retailer […]
A notarized power of attorney in real estate given to protect the right of another is nonrevocable even upon demise of the grantor
Real Estate
Notarial Powers of Attorney
Intergenerational Law (Trusts, Estates, Lasting Powers of Attorney, Parenting)
In 1960 a man signed an irrevocable power of attorney in which he undertook to transfer real estate for the benefit of his five sons and five grandchildren and for decades thereafter the parties acted as if each had received a tenth of the land. Two of the grandchildren contended that according to the power […]
A commission agreement with an employee that stipulates that it is not part of the employee-employer relationship will be honored even if the employee resigns
Commercial, Banking and Financial
Labor Law and Immigration
Dispute Resolution
The employment agreement of the manager of the credit department with a body that provides credit had attached to it a commissions appendix that established a compensation mechanism in percentages that is directly related to the bringing of borrowers and investors by him. Later, a commission agreement was also signed with a company wholly owned […]
An economic term in a commercial contract will be interpreted in accordance with the accepted and well-known meaning in the business world
Commercial, Banking and Financial
Dispute Resolution
Holder of a put-option to sale its holdings of the Osem company shares demanded an additional ILS 39 million, about 4 years after exercising its option, according to a clause in the option agreement that granted the option holder to choose between three alternatives formulae to calculate the share price, whichever is higher. The Court […]
First, let’s do a smart contract that will kill all the lawyers
Cryptocurrency, NFT and Web-3
High-Tech and Technology
An article dealing with the meaning of smart blockchain contracts and the fact that these can not replace individual legal advice. The article was written by Adv. Adi Marcus from Afik & Co., lawyers and notaries
An employer is obliged to put in writing the allegations against an employee and present them to him before conducting a hearing prior to termination of employment
Labor Law and Immigration
Dispute Resolution
During an NGO board meeting, the CEO was requested to leave the meeting and, in his absence, discussions began regarding termination of his employment due to suspicions of irregularities. At the end of the meeting, it was decided to dismiss him immediately. The Labor Court held that the CEO is entitled to compensation for failure […]
