A business contract is one of the most valuable tools available to a Florida company. These binding agreements outline the rights and responsibilities of two parties that choose to work together. A business may benefit from a carefully drafted contract with employees, suppliers, third parties and others. However, complications can arise when one party does not adhere to the terms of the agreement. A breach of contract is a serious matter, and it may be reasonable for the non-breaching party to pursue legal recourse.
Understanding the problem
When one party does not meet the requirements of a contract, it can bring financial loss and other complications for a business. Before pursuing a resolution to the problem, it may be helpful to understand the type of breach that occurred. Examples of breach of contract types include:
- Material breach – This happens when the offending party delivers a result that is different from the terms outlined in the contract.
- Minor breach – This occurs when the breaching party does not deliver a good or service within the timeframe outlined in the contract.
The appropriate course of action and reasonable damages depend on the nature of the breach, financial losses that occurred and other factors.
Seeking a reasonable outcome
After a breach of contract, a Florida business will benefit from seeking a reasonable outcome. Whether this is through negotiations or litigation, the non-breaching party has the right to fight for compensation and damages. An assessment of the case can help a business understand what legal options are available in the specific situation.