Yasseen Gailani & Megan Hiluta consider the advantages of the little-used remedy of ‘specific performance’
- Specific performance is a powerful yet rarely awarded remedy in English law M&A disputes.
- Considering whether you want it available at the time of drafting the share performance agreement can greatly assist in obtaining the remedy should a dispute arise.
- Acting quickly, and seeking specialist advice, is critical if specific performance is the remedy sought.
When most people think of litigation, and specifically the remedies sought in contractual disputes, the first, and sometimes only, remedy that comes to mind is damages. Yet there are many other remedies that can be sought. In this article we focus on the relatively rare, yet powerful, remedy of specific performance in the context of M&A disputes under English law, although some of the principles may have wider application.
What is specific performance?
Specific performance is an equitable remedy by which a court orders a defaulting party to comply with (or ‘specifically perform’) its remaining positive contractual obligations. The party requesting specific
