Last week, on this Louisiana blog, we discussed implied contracts and the effect they can have in the business realm. These contracts, as well as explicit contracts, can shape the way one conducts business. But, relying on these agreements can harm parties when the other parties fail to live up to their end of the bargain. When other parties accuse one of failing to abide by their obligations under a contract, they threaten a lawsuit. If one loses, they may be found liable for paying significant damages that can affect them personally and their business.
This means preparation on two fronts. First, make sure that any contractual agreements are thorough and understandable. All parties to the agreement need to fully understand their obligations not only to ensure smooth business practices, but also to minimize the risk of breach.
Second, be prepared to take appropriate legal action in the event of a breach of contract. If one is the wronged party, then they need to diligently work to gather evidence to show that a breach of contract did in fact occur and damages resulted. This may mean subpoenaing witnesses, seeking out documentary evidence and turning to statutory and case law.
If accused of breaching a contract, on the other hand, then be prepared to defend vigorously. While the accused will still have to seek out witnesses and other forms of evidence, they will also need to anticipate any arguments that may arise and know how to fight back against them.
This is where the skills of a competent and experienced business law professional can prove beneficial. The legal team at our firm fully understands the legal implications of contracts and breaches of contracts. We are clear in our drafting of contracts, and we are aggressive in our litigation and negotiation in breach of contract case.