Illinois business owners are often faced with challenges concerning signed agreements with others. Contract disputes that remain unresolved may cause serious delays in production and negatively impact the bottom line. Any businessperson facing such issues will want to be aware of what it means to breach a contract and what options are available toward swift and fair resolutions to such problems.
When a dispute arises involving terms or agreements contained within a contract, intervention may be sought if parties can not reach an amicable solution. Such complications often occur if lack of understanding exists regarding any legal terms or obligations and responsibilities stated in an agreement. This is why it is crucial to seek clarification of such issues before signing a contract.
If the court determines that a breach of contract exists, the party who filed the claim may be entitled to restitution, performance or damages. Compensatory and punitive damages are among the most common forms sought in breach of contract situations. Various factors are considered to determine the extent of damage a breach has caused to the party that has not breached its agreement.
Illinois business owners who wish to avoid potential delays and other obstacles often created by contract disputes may be able to do so by enlisting the assistance of an experienced business and commercial law attorney. When a signature party has failed to honor an agreement, it is understandable that a company owner would ask a court to enforce contractual obligations by holding the breaching party accountable. A first logical step to take in the process is to discuss the issue with an attorney who has successfully represented others facing similar contract problems.
Source: smallbuisness.findlaw.com, “Breach of Contract and Lawsuits“, Accessed on Aug. 9, 2016