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Alford, New Mexico sniping over $1M

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07:09 AM ET 05.01 | A very expensive question hangs in the Albuquerque air, without answer after more than a month. [Steve Alford] on March 18 signed a term sheet agreeing to a 10-year contract including a $1 million buyout. That contract was to take effect April 1, two days after he announced he was resigning to take the coaching job at UCLA. The previous contract Alford says he will abide by included a 30-day notice of termination requirement. UNM maintains that means March 30 was the day Alford gave notice and Monday, 30 days after he took the UCLA job, was his official final day of work. That would bring into play the unsigned April 1 contract and the $1 million buyout. ... UNM is now considering taking the matter to arbitration to seek the full $1 million.

Albuquerque Journal

Steve Alford, Icon Sports Steve Alford, Icon Sports
May 1, 2013  08:26 AM ET

I am not a lawyer (thank God) and I didn't even stay in a Holiday Inn Express last night, but seems to me that if he signed a contract to take effect April 1, and his last day official day of work was April 30, then irrespective of the fact he was working out a 30-day notice, he was employed with UNM after the date the new contract was in effect. Therefore he has to abide by that, and should be a cool mil lighter. Of course, there could be other language in the contract that could bear on this and isn't mentioned, so there is my disclaimer.

May 1, 2013  10:28 AM ET

Yo! Legal types! Offer us plebeians insights into the differences between a "term sheet" and a contract and if/how this may bear upon the contention between the parties.

May 1, 2013  10:59 AM ET
QUOTE(#2):

Yo! Legal types! Offer us plebeians insights into the differences between a "term sheet" and a contract and if/how this may bear upon the contention between the parties.

most term sheets are more similar to a letter of intent. If usually precedes, and provides the basis and terms of the contract. They can be binding, but most courts rule they are not.

In VC work I do, they usually outline the terms of the arrangement, but do not bind me until a contract provides further detail.

May 1, 2013  11:39 AM ET
QUOTE(#3):

most term sheets are more similar to a letter of intent. If usually precedes, and provides the basis and terms of the contract. They can be binding, but most courts rule they are not. In VC work I do, they usually outline the terms of the arrangement, but do not bind me until a contract provides further detail.

So, basically, the term sheet verbage is going to carry the brunt of the particulars, sounds like? If the actual new contract was never signed, that also should bear on the decision - I didn't notice that earlier. How can you hold a guy to a contract he never signed?

 
May 1, 2013  12:37 PM ET

I don't know how Alford is going to teach his players to have integrity and honor, when he doesn't have any.

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