Delaware Supreme Court reaffirms that express agreement to negotiate in good faith is enforceable

In SIGA Technologies, Inc., v. PharmAthene, Inc., the Supreme Court of the State of Delaware reaffirmed that an express agreement to negotiate in good faith in accordance with a term sheet is an enforceable obligation. The Supreme Court also ruled that a trial judge may award expectation damages to the non-breaching party where the trial judge makes a factual finding, supported by the record, that the parties to a preliminary agreement would have reached a final agreement but for the breaching party’s bad faith.

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