In business, contracts are a viable, commonly employed method used to protect the interests of two parties. When one party violates the terms of a business contract, it can result in serious legal and financial complications, and often, it takes a long time to resolve. If you or your New York business is suffering the ramifications of a breach of contract, you do not have to face it alone.
Breach of contract can happen for many reasons. Whether it is unexpected circumstances, financial trouble or another reason, you should not have to bear the brunt of the other party's refusal to adhere to the terms that both sides already agreed to. There may be legal remedies available to you.
What can I do after a breach of contract?
A breach of contract happens any time one party does not meet his or her obligations per the terms of a legal agreement. This could be relatively minor, but in some cases involving high-stakes business matters, it could have serious financial and legal ramifications. These are complex legal issues, and there is much hanging in the balance. Your quick and effective action is essential to resolving this matter in a way that is beneficial and practical.
After a breach of a contract, you could have grounds to move forward with the appropriate legal action necessary to secure relief. The types of relief that may be available to you include:
- Cancellation and restitution
- Specific performance
The type and amount of compensation available to you depends largely on the details of your contract and the financial impact it had on you or your business. The types of damages you may be able to seek include:
- Punitive damages
- Nominal damages
- Compensatory damages
- Liquidated damages
It is wise to take the appropriate action as soon as possible after a breach of contract. A smart step for you at this point may be to seek a complete explanation of your rights and options.
Navigating business law concerns
The legal matters that sometimes affect businesses of all sizes can be complex and difficult to manage independently. Fortunately, you do not have to deal with these issues on your own, but you can seek a positive outcome by first seeking guidance and support as soon as you learn about a potential breach of contract.
Difficult legal issues can affect the life and health of your business. Breach of contract may be threatening your security and stability, but you have the right to seek a positive remedy to your current situation.