As a business owner, you create contracts frequently to outline obligations another party must fulfill when they come into an official agreement with you. A contract lawsuit can develop when either you or the other party fail to fulfill the contractual obligations outlined in the contract. A contract lawsuit can develop when any of the following situations occur:
- One party fails to meet their end of the deal within the agreed-upon timeframe.
- One party does not perform according to the specifics outlined in the contract.
- One party does not take any action on the contract at all.
After a breach of contract happens and a contract lawsuit develops, either you or the other party can negotiate to enforce the contract on the original terms. Or you may enter a settlement to recover from the financial harm caused by the broken contract.
If you and the other party cannot come to an agreement through informal attempts to resolve the issue, you can file a contract lawsuit. When you file your case, you can seek compensatory damages, punitive damages, nominal damages, or liquidated damages to resolve the effects of the broken contract.
If you want to file a contract lawsuit, one important step your business should take is to partner with a business law attorney. We can support, guide, and represent you during your contract lawsuit at Bennett Guthrie PLLC, so contact us today to set up a consultation.