If you own a business in Texas, you know that any type of threat to your financial well-being and continued operations should be addressed immediately. This includes matters related to breach of contract. Contracts are a form of protection, legally binding two parties. When one party deviates from the agreed terms, it is more than just bad form, it is grounds for legal action.
Dealing with breach of contract matters is complex, and it is useful to have experienced legal guidance as you navigate these matters. With help, it is possible to deal with these matters effectively, recovering your financial losses and shielding yourself from future damage in the future.
The intent of business contracts
The intent of a business contract is to provide security between two parties as they exchange services as they work together toward a common goal or benefit from an exchange or products and services. Business contracts typically outline each party's responsibilities, including timelines, prices, obligations and more. As an employer, you may use contracts for employees, suppliers, distributors and others.
For example, some employers use contracts to protect certain information in the event that an employee goes to work for the competition in the future. You can also use contracts to protect your financial interests and protect proprietary information. However you use contracts, you would be wise to know how to deal with a breach. If you believe the other party is failing to meet his or her end of the deal, you may be able to seek recovery for the following:
- Nominal damages
- Compensatory damages
- Punitive damages
- Liquidation damages
The damages you may be able to receive depend on the losses you incurred, the threat of future losses and other non-economic damages, such as damage to the reputation of your company.
It requires quick action and in-depth knowledge of the law to effectively deal with challenges related to breach of contract. You can protect yourself by moving assertively and seeking help as soon as you become aware of a problem.
Your business' right to thrive
A breach of contract is more than just an inconvenience. It is a potential speed bump in your business' road to success, and in some cases, it can be a direct threat to its viability in the future.
Protect your business' right and ability to thrive by dealing with contractual complications effectively. You can take a strong stance against parties responsible for breach of contract, but you would be wise not to do so on your own.