On behalf of Parker & Associates, P.A. posted in blog on Friday, May 26, 2017.
Business owners in Florida and elsewhere have a lot on their plates. Issues that they must deal with often arise; it is simply part of owning and operating a company. When problems do pop up, figuring out how best to handle them can prove challenging. For instance, what would you do if a breach of contract situation arises with one of your suppliers, partners or customers?
When you enter into contracts with people, you expect that they are going to live up to their end of the agreement. Unfortunately, it does not always work out this way. This can cause your business to suffer if you do not deal with it properly. How should you handle it, though? Is litigation the answer?
Breach of contract: The basics
A contract is a legally enforceable document signed between two or more parties. The contract supplies information regarding the roles and expectations of everyone involved. If one party fails to fulfill part or all of his or her obligation, that party is said to be in breach of contract. There are a variety of reasons why this happens.
If you are dealing with a breach of contract issue, it will likely impact your business in some way. In order to limit any damage that may result, you will have to choose how you will react to the problem. One of the first things you can do is try and talk out the problem with the other party. You can do this on your own with the assistance of legal counsel.
Unfortunately, sometimes negotiations fail to produce desirable results. In such cases, litigation may prove necessary. Before taking this leap, though, there are a few things you may want to ask yourself:
While sometimes necessary, business litigation can be costly. It is wise to fully weigh the pros and cons of pursing this route before taking this action.
If you are not sure how to best handle your situation, you are not alone. Many business owners struggle deciding how to take care of breach of contract situations. An experienced attorney can assist you by reviewing your case, answering your questions and helping you pursue a course of action that will best benefit your company.