Caveat Venditor: It's Seller Beware When Contracting With State

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Caveat emptor, the age-old Latin maxim that places the burden on the buyer to inspect the desired goods before making a purchase, is certainly sage advice. Even in this age of consumer protection laws, the buyer is well advised to do some investigating before entering into a binding agreement. The enactment of §112 of the New York State Finance Law has added a modern-day twist to the buyer-seller relationship, placing the onus on the seller to do some investigating of its own when the buyer is New York state.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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