Business contracts exist for the purpose of protecting the interests of each party involved. For example, a contract outlines the responsibilities and expectations between a service provider and the customer, or two Florida businesses that will work together for certain purpose. When one party breaches the agreement, it could be grounds for legal action. The non-breaching party may seek appropriate damages through a civil claim.
Types of damages available
The specific damages a business may seek depend on the details of the individual situation, including financial losses suffered, future projected losses and other case-specific details. There are different types of monetary restitution available, including the following:
- Restitution – This is repayment for money taken for services not rendered or a product not delivered.
- Compensatory damages – This is money awarded to the non-breaching party to cover the costs of getting the promised goods or service in another contract.
- Nominal damages – These are damages awarded when there is a breach of contract but neither party suffered any harm.
- Punitive damages – This is a sum of money awarded to the non-breaching party under egregious circumstances, and it is intended to punish the breaching party.
The appropriate damages to seek differ from case to case, but they should cover losses, future potential losses and other financial harm.
Fighting for the best outcome
It is appropriate for a Florida business to fight for the best possible outcome after a breach of contract. An assessment of the individual case will reveal what damages could be available in the specific situation. After a breach of contract, it may be prudent to seek the guidance and support of an experienced business law attorney.