A contract breach can be significantly disruptive to a business and may cause significant harm. It can cost the business money, time and worry to solve a contract dispute which is why companies that are dealing with a breached contract that is impacting their business need to know how to address their concerns.
Both businesses dealing with a breach of contract, as well as parties that have been accused of a breach, should be familiar with legal tools to address contract disputes. When a contract has been breached, the non-breaching party can pursue different remedies for a violation of contract terms. Remedies may include negotiation; litigation which can result in damages for the economic damages they have lost; rescission of the contract; or specific performance of the contract. Financial damages for the breach of contract may be available to help the aggrieved party.
The best remedy to pursue can depend on the goals of the non-breaching party if they want to try to resolve the contract dispute or litigate the contract dispute and pursue their contractual remedies that way. Contract breaches can occur in the context of real estate, construction or business contracts. A breach of contract can be complex so trained guidance to help make the best decisions to address breach of contract concerns can be helpful.
It is important to know how to promptly respond to a contract dispute and if a contract has been breached. Parties to a contract should always understand their contract rights and how to protect themselves.