Question: How should a company proceed if the other party in an asset purchase agreement fails to adhere to a revised payment plan agreed upon through informal communication channels like WhatsApp, especially when the original agreement includes a binding arbitration clause and specifies a particular state's law for jurisdiction?

Answer: In a case involving a breach of a payment agreement, it is possible that communication and agreement of terms over informal communication channels may be considered binding if they specify terms of a payment plan. If the other party fails to adhere to this agreed payment schedule, it is potentially possible to proceed with legal action. The first step would be to issue a notice of breach according to the original contract's provisions. It is likely that the arbitration and choice of jursidiciton will hold. An attorney may be able to assist with a document review (including the original contract and term agreements) and suggest next steps.