Contracts are a common component to operating any type of business. If you were in a contract with someone who has not upheld their end of the bargain, business owners stand to face a number of repercussions. When this occurs, the results can be incredibly damaging to a business owner. Not only may you face financial losses, but the reputation of your business may be tarnished as a result. There are a number of initial steps you should take once the breach has been discovered that can assist in ultimately reaching a resolution.
Breach of Contract
A breach is when a contractually obligated party does not uphold their end of the agreement. Unfortunately, problems involving breaches are not an uncommon occurrence in the business world. There are four primary types of contract breaches that may occur in business:
- Partial Breach
- Material Breach
- Anticipatory Breach
- Fundamental Breach
Breach of contracts can be especially stressful for a business owner who was entitled to the goods or services that were agreed upon. Taking the following steps towards remedying the situation, and speaking with a Naperville contract attorney from the Law Offices of Konrad Sherinian may help to retain some, or even all of the losses you face as a result:
Step #1 Review Contract Terms
If you suspect a breach of contract, first locate the contract and take the time to carefully review the terms. In some cases, you may find a solution within the contract. A Naperville contract attorney can be especially helpful in deciphering key components to the contract to determine how to legally manage the breach.
Step #2 Gather Evidence
Gathering evidence is a key component to proving that a breach of contract exists. It will be important that you collect any documentation outlining the contract that you had in place. This should include a copy of the actual contract and any email exchanges or correspondence regarding the contract. In order to prove a breach of contract you will need to:
- Prove that there was a contract in place
- Prove that the contract was not upheld
- That the breach resulted in losses
- That the incurred losses were the result of the party in question
Step #3 Hire a Naperville Contract Attorney
A contract attorney in Naperville can counsel you in a number of ways. They may be able to represent you should litigation be necessary. An attorney can play a key role in reviewing your situation, preparing the necessary paperwork and gathering the evidence needed to prove your case. Additionally, attorneys can help to organize and strategize your case to help obtain the best outcome possible.
Reaching a Resolution
With the help of a Naperville contract attorney, it may be possible to reach a resolution to a contract breach. In some cases, litigation may be necessary. When one party is found to be in breach of contract, they may be required to:
- Pay damages in the form of compensation
- Carry out the terms agreed upon in the contract through a court order
In pursuing legal action, the party entitled to damages may have the ability to cancel the contract in place. When faced with this type of situation, a Naperville contract attorney may play an important role in helping you to reach a favorable resolution.
Are you a business owner currently dealing with a deal gone bad? As frustrating as this may be, you may have options towards remedying the situation. Consult with contract attorney Naperville trusts from the Law Offices of Konrad Sherinian so that they may begin protecting your rights and your business.