Remedies for Breach of Contract in Business

Remedies for Breach of Contract in Business

Imagine the ideal business world where every business follows every term of a contract diligently and there is no problem. However, the real world is not such an easy place. Unexpected delays, not carrying out the terms properly or not carrying out these at all are frequent. This could spell trouble for the other party involved in the contract.

In such a situation, the most important thing to do is get in touch with a commercial litigation lawyer proficient in Florida laws. Any breach of contract may mean financial losses and unnecessary trouble for your business. You need a legal advisor to assess whether you have adequate grounds to claim damages for this breach.

Challenging a breach at court requires it to have a material' purpose. Suppose the failure to timely certain tools, from a business with which you have a contract, prevent your business from manufacturing a bulk order. If your lawyer is capable to establish that you suffered losses because of this breach, there are material grounds for filing a suit.

When there are adequate grounds for you to recover damages because of the breach, your lawyer is best suited to tell you which method to opt for. If the case involves less than $5,000 worth in damages, you may seek dispute resolution at a Florida small claims court. You may also choose alternative dispute resolution methods

Mediation having a mediator review the case

Arbitration having a binding arbitrator work out a resolution

If all these attempts fail, you need to ask your Miami commercial litigation lawyer to file a suit. Choose a qualified and experienced litigation expert for proper presentation of your case at court. If you can establish that the breach had an adverse effect on your business, you may be able to get a legal remedy.

Specific Performance: this involves the court ordering the breaching party to perform the duty as the terms of the contract specify. This is, however, available if the subject matter of the contract is rare or unique.

Damages: the objective is to compensate for the damages the non-breaching party suffers or to punish the breaching party. The different types are as follows:

Compensatory damages the monetary loss for the breach, or its consequential action

Liquidated damages as specified as a term in the contract

Punitive damages to punish the breaching party

Cancellation and Restitution: your commercial litigation lawyer may ask for cancellation of the contract, where all parties get relief from all obligations and later sue for restitution, i.e. the breaching party needs to pay for the work or do it themselves.

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