Contracts are some of the most important and useful tools available to businesses of all types of sizes. These legally binding agreements are a practical way to ensure the protection and benefit of all parties, such as contracts, customers, suppliers and more. When one party violates the terms of the contract, it could be grounds for legal action and the pursuit of a reasonably appropriate resolution.
If your company is facing the difficulty of a breach of contract matter, there are legal options available to you. Through legal action, you may pursue various remedies that will allow you to shield your business from additional financial loss or recuperate damages. Violation of a business contract is frustrating, but there are steps you can take to compel enforcement or hold the other party accountable for the breach of the agreement.
What remedies may be available?
The specific remedies available to you depend on the details of your individual situation. When determining the best approach for handling a breach of contract, you may find it beneficial to consider what will make the most sense for your company long-term. Some of the potential remedies you may seek for breach of contract include:
- Seeking damages, including compensatory damages, punitive damages and more
- Pursuing specific performance, such as compulsory cooperation with the terms of the agreement per court order
- Asking for cancellation of the contract and restitution of any financial losses
A breach of contract lawsuit is an appropriate way for a business to address the matter of financial loss and other complications as a result of the other party’s failure to adhere to the terms of a legally binding agreement. If discussions and other out-of-court remedies are not sufficient, this could be the most appropriate course of action for you.
Protecting your business
The reason to pursue legal action after a breach of contract is for the protection and benefit of your business. A lawsuit may seem like a complex and cost-prohibitive way to address this issue, but you would be wise to explore all of the legal options available to you. California businesses have the right to protect their financial interests, and the civil justice system offers them the opportunity to do so. This process also allows you to hold the offending party accountable while securing rightful compensation.
