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Baker Botts L.L.P. v. ASARCO LLC, 576 U.S. 121 (2015), was a United States Supreme Court case in which the Court held that Section 330(a)(1) of the Bankruptcy Code does not permit bankruptcy courts to award attorney's fees for work performed while defending fee applications.
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
LLP (Limited liability partnership): partnerships are governed on a state-by-state basis in Australia. In Queensland, a limited liability partnership is composed of at least one general partner and one limited partner. It is thus similar to what is called a limited partnership in many countries.
A Japanese Limited liability partnership (LLP) is not a corporation, (i.e. a separate legal entity from partners within the meaning of Anglo-American Law) but rather, exists as a contractual relationship between the partners, similar to an American Limited liability partnership (LLP).
ASARCO Inc. v. Idaho Tax Commission, 458 U.S. 307 (1982), was a United States Supreme Court case in which the Court held that, in a state's calculation of income tax for a corporation from another state, the state cannot include income from the intangible assets of subsidiary corporations that have on connection with the state.
The former can generally be overridden by express agreement between the partners. Whilst the latter is in general hardly varied, a careful draft would oust certain kinds of third party liability. A clause can contain that only the negligent partners can be sued and it is the wrongdoers that pay damages to victims only.
For example, in Delaware LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, while in Florida, Hawaii and Kentucky the election is made in the certificate of a limited partnership). Not all states presently allow business entities to form as LLLPs. [2]
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions). [1]
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