Business contracts are part of the foundation of business success, and it can have a negative domino-like effect on your company when the other party violates the terms of an agreement. As the offended party, you do not have to accept breach of contract issues as simply part of the price you pay for doing business; you can fight back.
In many cases, a breach of contract can actually have serious financial ramifications. This could be detrimental to your Florida business and your success, and you have the right to seek fair compensation from the offending parties. Navigating this complex facet of business litigation is not easy, and you would be wise to secure the guidance of an experienced ally.
Do you have vulnerable contracts?
Breach of contract occurs when one party does not adhere to the terms agreed upon by both parties. Whether it is a blatant violation of the entire contract or a minor violation of a small detail, you have the right to expect that the other signee will hold to his or her part of the legal agreement.
Failure to fulfill any part of a contract is grounds for legal action. Litigation is not always necessary, but it could be useful to seek an understanding of how you can reach a beneficial resolution to your situation.
The options for remedies available to you
Breach of contract issues are complex, and you may be unsure of what to do next. You may feel that you cannot take drastic measures over fear of damaging an important business relationship, or you could be uncertain as to whether or not you have grounds for a lawsuit. If you do have grounds to initiate a civil claim against the offending party, you may seek damage related to the following:
- Compensatory damages
- Financial losses experienced by your business
- Nominal or token damages
- Damages related to specific terms included in the contract
The amount and type of damages you may be able to seek depend largely upon the nature of your contract, the types of financial losses you experienced and other details of your business's unique situation.
Financial losses associated with a breach of contract can be devastating. It feels daunting and overwhelming, but you can take steps to remedy this situation and hold parties accountable for bad business practices. One of the first steps you can take against a breach of contract is to simply reach out for help to learn about your legal options.