Breach of Contract – the most common form of business litigation – can cause tremendous financial and property loss to your company, including loss of clientele, loss of reputation, loss of market share, loss of sales, and loss of income. Further, a Breach of Contract can lead to the downfall of your company if the breach is not handled and/or resolved soon after it occurs. Take, for example, a contractor who provides services to a client and hires a supplier or sub-contractor who does not perform as per their sub-contract. If that supplier or sub-contractor does not perform on the contract, that breach could cause the contractor to suffer losses including the loss of the main contract; untold financial injury due to their non-performance; and ruin of reputation. In a situation such as this, if there is a potential breach, or the breach has occurred, an experienced commercial litigation attorney will advise you to initiate a demand to comply, soon after the breach occurs, in order to reduce further loss. They will also assist you in resolving ways to cure so that further injury is not incurred. Therefore, it is vital to retain an experienced litigation attorney and to keep them on retainer – one who can set in motion the necessary legal actions that are needed in order to protect your legal rights, assist in a cure to limit untold injury, and recover damages incurred under the contract, if needed.
What Is a Contract?
A contract is a legally binding document in which two or more parties agree to work together for a specific purpose, during a finite period of time, in exchange for a predetermined amount of financial compensation. A contract requires an offer and consideration. Under the statute of Frauds, in most cases the contract must be signed, and there must be a meeting of the minds. While there are rare cases in which verbal contracts may be considered legally binding, the vast majority of cases require that a contract be in writing in order to be considered valid by the courts.
Furthermore, a contract should include additional legal paragraphs including venue, dispute resolution and termination in order to help prevent a complete breakdown in communication and more severe damages, should a disagreement arise. These terms should also include damages to be awarded in the event of a breach. That is why it is imperative to retain proper counsel who is experienced in drafting contracts so that you make sure that your interests are protected and there is a person watching out for the best of your company.
Understanding Breach of Contract
A breach of contract occurs when one (or more) of the parties fails to fully comply with the terms of the contract, causing damages to the other party (or other parties). When this happens, the damaged party has little choice but to retain a qualified litigation attorney who will send demand and then file suit, if necessary, in order to protect their interests.
Breach of Contract vs. Contract Dispute
Breach of contract should not be confused with a contract dispute. Many business relationships incur disputes and disagreements from time to time. Just like a marriage, these disputes can be healthy and productive if handled correctly. A breach of contract goes beyond a normal dispute between the parties. Having an experienced business attorney on retainer, one who also understands the litigation process, can help you resolve disputes so that they do not lead to a Breach of Contract issue and a lengthy and expensive litigation process.
A Breach of Contract goes beyond a normal dispute between the parties in that one of the parties has stopped performing his duties under the contract, and that action has caused damage to the other party. Again, having an attorney who you can trust on retainer to handle these types of issues, can ensure that your company’s interests are protected and that immediate action is taken to reduce damages, and sue for breach of contract and damages, if necessary.
The experienced Litigation Attorneys at Goldstein & Scopellite, PC, who have many successful years litigating cases and acting as counsel for businesses in and around their Dallas, Texas and Tucson, Arizona locations, can provide you with the assistance that you need in order to resolve any breach of contract or legal dispute.
If you need an experienced Business Litigation Attorney, contact Goldstein & Scopellite, PC today to schedule an appointment! Visit their Dallas local listing on D Magazine or their Tucson local listing on KVOA or visit their websites at www.lawyersdallas.com and www.lawyers-tucson.com.
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