Legal Blog

Legalese Explained: Pari Passu

I know I promised that I would be back after the unofficial start of summer (Memorial Day Weekend), but here I am, after the official start of summer. Hopefully you’ve been having a great month. I’ve been catching up with work and enjoying long walks through the park with the dog, side by side. Which, brings me to the word of the week… pari passu.

pari passu

Lat. By an equal progress; equably; ratably; without preference. Coote, Mortg. 56.

Literally, pari passu means on equal footing. Essentially, things move along at the same speed (or in the case of the dog and me, him being about 30 steps ahead of me at all times). In a contract, you typically see pari passu describing a scenario where one critical component changes, but the rest stays the same. For instance, if one party assigns the contract to a third party, the rest of the contract terms keep going a the same rate.

A quick thank you to my colleague Scott Lloyd who is in Offit Kurman’s IP department for the word suggestion this week.

 

If you have a legal phrase or word you would want to see featured shoot me an email at klongaker@offitkurman.com

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ABOUT KELCIE LONGAKER

klongaker@offitkurman.com |  301.575.0325

Ms. Longaker’s primary areas of concentration include general corporate advising, administrative hearings, and state and federal appellate litigation. She advises start-ups and small businesses during all stages of the business’s life-cycle. She regularly drafts organizational documents, reviews commercial leases, negotiates franchising agreements, and assists with the sale of corporate entities. Ms. Longaker represents many businesses that require liquor licenses, including restaurants, package goods stores, agricultural producers, and manufacturers. She represents clients before county agencies in their applications for new licenses, transfers of existing licenses, or defense of challenged licenses. She also handles land use and zoning matters, real property transactions, and homeowners’ association matters.

 

 

 

 

 

ABOUT OFFIT KURMAN

Offit Kurman is one of the fastest-growing, full-service law firms in the mid-Atlantic region. With over 185 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients along the I95 corridor in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.

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