The gross-up clause is a crucial feature in many commercial contracts, but it is often cast without much attention into the boilerplate section. The recent case of AXA SA v Genworth Financial International Holdings LLC and others, which dealt with the meaning of a gross-up clause in a share purchase agreement, demonstrates how important it can be for tax lawyers to draft these clauses with precision.
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The gross-up clause is a crucial feature in many commercial contracts, but it is often cast without much attention into the boilerplate section. The recent case of AXA SA v Genworth Financial International Holdings LLC and others, which dealt with the meaning of a gross-up clause in a share purchase agreement, demonstrates how important it can be for tax lawyers to draft these clauses with precision.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")