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AXA v Genworth: gross misunderstandings?

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The gross-up clause is a crucial feature in many commercial contracts, but it is often cast without much attention into the boilerplate section. The recent case of AXA SA v Genworth Financial International Holdings LLC and others, which dealt with the meaning of a gross-up clause in a share purchase agreement, demonstrates how important it can be for tax lawyers to draft these clauses with precision.

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