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Derek Allen Colvin

Derek Allen Colvin

Business, Franchise & Litigation Attorney
  • Business Law, Arbitration & Mediation, Employment Law ...
  • Virginia
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Biography

Derek is a business minded attorney laser-focused on results. He possess the knowledge and experience to serve all your business legal needs. His primary practice is in the areas of business, franchising, and litigation.

Education
Pennsylvania State University
J.D.
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Old Dominion University
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Professional Experience
Partner
Waldrop & Colvin
- Current
Assistant General Counsel
Loyalty Brands
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Deputy Commonwealth's Attorney
Commonwealth's Attorney's Office, City of Suffolk
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Commonwealth's Attorney's Office, City of Portsmouth
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Publications
Articles & Publications
Franchising in Virginia
Lawrina
Speaking Engagements
Civil Asset Forfeiture in Virginia, Citizens Academy, Suffolk, Virginia
Certifications
Attorney
Virginia State Bar
Awards
Five Years of Service
City of Suffolk
Five Years of Service
City of Portsmouth
Service to Law Enforcement
City of Portsmouth Police Department
Recognized by the Police Department for the City of Portsmouth, Virginia for Service to Law Enforcement in connection with the successful prosecution of multiple defendants arising from the attempted capital murder of a law enforcement officer.
Professional Associations
Virginia State Bar  # 78383
Member
- Current
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Jurisdictions Admitted to Practice
Virginia
Virginia State Bar
ID Number: 78383
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Fees
  • Free Consultation
  • Credit Cards Accepted
Practice Areas
    Business Law
    Business Contracts, Business Dissolution, Business Finance, Business Formation, Business Litigation, Franchising, Mergers & Acquisitions, Partnership & Shareholder Disputes
    Arbitration & Mediation
    Business Arbitration, Consumer Arbitration, Family Arbitration
    Employment Law
    Employee Benefits, Employment Contracts
    Trademarks
    Trademark Litigation, Trademark Registration
    Intellectual Property
    International Law
    Imports & Exports
Languages
  • English
Legal Answers
Q. Selling 1 franchise in CA for 60K. What is the surety bond amount? IL is cost x no. of franchisees. Is it same in CA?
A: Section 310.113.5 - Surety Bond in Lieu of Impound In lieu of the imposition of an impound condition a franchiser may post a surety bond in such amount as shall be required by the Commissioner. Such bond shall be issued by a corporate surety admitted to transact business in the State of California, conditioned upon the completion by the franchiser of its obligations under the franchise contract to provide real estate, improvements, equipment, inventory, training or other items included in the offering. Where more than one franchise may at the same time be sold but unopened, the amount of the bond shall equal the aggregate liability to all such franchises in this state.
Q. I own a small business that I’d like to sell. I’m considering owner financing. Can an agreement include repossession?
A: There is always some level of risk involved in every business transaction. Providing owner financing and the nature of the franchise relationship will need to be taken into account. You can't eliminate risk, but you can manage risk by contemplating these issues in an asset purchase agreement, along with a promissory note and security agreement. Repossession of the franchise business itself may not be an available remedy, as your franchise agreement is likely to be terminated as part of the transaction through a transfer to the Buyer. You may need to speak to an attorney with speciality in M&A and franchise law.
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Websites & Blogs
Website
Waldrop & Colvin, the law department for your business
Contact & Map
Waldrop & Colvin
780 Lynnhaven Pkwy
Suite 400
Virginia Beach, VA 23452
Telephone: (757) 651-3490