The number of corporations adopting exclusive forum provisions to have their legal disputes heard in Delaware’s Chancery Court has exploded since the court’sRevlon decision last year. Although early indications show that the court supports the provisions, they remain largely untested in the legal arena.
In fact, the most recent test to such a provision occurred earlier this month inASDC Holdings LLC v. Richard J. Malouf 2008 All Smiles Grantor Retained Annuity Trust. The court opted to enforce the provision when Vice Chancellor Donald F. Parsons Jr. enjoined a lawsuit pending in a Texas state court because the two parties had contracts that included a forum selection provision bestowing exclusive jurisdiction upon "any state court within New Castle County, Delaware."
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