Remedies for breach of contract are typically somewhat situation specific. A construction company and its owner are being sued by a Louisiana shoring company for allegedly defaulting on a $500,000 payment for a modular building. According to the shoring company, it entered into a contract with the construction company to purchase a modular building for $510,000. According to the contract, the shoring company asserts, the construction company was obligated to pay a deposit of $51,000 and the remaining balance of $459,000 within 30 days of the contract.
Contracts may govern a number of relationships in your life. Certainly, it is wise to utilize contracts to clearly outline obligations and expectations in business relationships. While everyone's hope is that contract relationships will proceed free of disputes, that is not always the case. To better understand the rights and remedies of parties to a contract when a breach of contract has occurred, it is helpful to understand what a material breach is and what is considered a minor breach.
Commercial real estate and development transactions can present many different challenges and have many different aspects to them. Sometimes these complexities can lead to disputes, such as contract disputes. When there has been a breach of contract by one of the parties, it is important to timely address and respond to the situation. In addition, sometimes contract breach situations can be resolved through negotiation, however, on other occasions, intervention through the court may be necessary to resolve the dispute so that parties can move forward with their business.
To help ensure a successful commercial real estate transaction, it is important to do any necessary homework beforehand. A shopping center in Baton Rouge was recently sold to a group of investors. Investors purchased the shipping center for $885,000. The purchasers were reported to have acquired the property as a long-term investment opportunity. The property was viewed as a valuable investment property because the 9,796 square feet the property includes is 100 percent occupied. Tenants include a medical center, hair salon and various other retail stores.