Texas Justices Say Contract Is King In $535M Pipeline Fight
By Keith Goldberg (January 31, 2020, 10:18 PM EST) -- The Texas Supreme Court elevated written contracts between parties over the state's partnership law when it declined Friday to reinstate a $535 million judgment against Enterprise Products Partners LP over a soured pipeline development deal with Energy Transfer Partners LP.
The court said the Texas partnership statute doesn't trump or supersede written agreements, letting Lone Star State companies breathe a sigh of relief knowing they won't risk entering into an "accidental partnership" if they've agreed certain conditions must first be met to create a partnership. And the decision creates a higher bar for parties to argue such contractual conditions were waived,...
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