Making legal and financial plans for the future is a deeply personal process that depends…
Contracts are some of the most valuable tools available to Kansas businesses. They can help a company protect its interests when working with suppliers, customers and even employees. These legal agreements are especially useful when one party fails to meet his or her obligations. This is breach of contract, and there are certain steps you can take to protect your company in these situations.
When it comes to a situation that involves a breach of contract, your company interests are at stake. Whether it’s a compromise of your trade secrets, loss of money or other type of setback, you can take action to stop losses and seek appropriate damages for this. Breach of contract can occur when one party is late to fulfill obligations, does not meet the terms in the right way or refuses to comply at all.
What can you do?
Once you determine that a breach of contract occurred, what can you do? You will want to figure out a way to stop any financial loss you may be experiencing, and you will also want to see if there is a way to recoup your losses. You may seek to have the contract enforced, which may be a legal way to compel the other party to comply by the terms of the agreement. The specific types of remedies that may be available to you include:
- Specific performance, which happens when the court compels the party to adhere to the terms of the agreement or do something else to fulfill the obligations of the contract
- Cancellation and repayment, which is when there is a complete cancellation of the original contract and restitution payment made from the breaching party
- Damages, which can include specific payments for things such as punitive damages, financial losses, liquidated damages and even nominal damages
The right remedy for your business depends on the details of your individual situation, the terms of the original contract and other factors. You have the right to seek a specific type of remedy, including monetary damages from the party that breached your contract.
These are complex matters, and there is a lot at stake, especially if it is necessary to pursue a lawsuit. You do not have to fight for damages or compel cooperation on your own. You may find it beneficial to work with an experienced business law attorney regarding the legal options available to your business.