One of the frustrating aspects of running a company is when you depend on someone to deliver something, but they fail. Whether it’s a supply contract or a service contract, if the other party breaches, it can damage the financial stability of your company.
So, when this happens to you, what are your choices? Well, according to a business lawyer in Las Vegas, there are some common remedies most owners seek to deal with contract breaches.
What are those remedies? Continue reading to know!
Common Solutions For Contract Breaches According To A Business Lawyer In Las Vegas!
Contract breaches can catch any business owner off guard and require investing a sufficient amount of time and money.
Here are some common remedies that you can seek if you ever face this issue:
1. Compensatory Damages
If you bring a lawsuit against the partners that breached your contract, you can look for compensatory damages. It is restitution for the money that the breach cost your company. This solution won’t punish the breaching party but put your company in the same spot if the breach did not happen.
2. Specific Performance
In some cases, no amount of money can make for the damage caused by the breach. In this instance, a business lawyer in Las Vegas may suggest a specific performance. According to this rule, the breaching party will have to perform their side of the original contract.
3. Punitive Damages
The order for punitive damages generally occurs under extreme circumstances. According to this regulation, the court can add extra damages onto compensatory damages to punish the breaching party.
Find Certified Business Lawyer In Las Vegas
If you are looking for more suggestions on contract breaches, you can reach a certified business lawyer in Las Vegas at the Lombino Law Studio. You may visit lombino.com to learn more about them.
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