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Breach Of Business Contract Examples
Are you looking for an attorney who can help you with your business contract? Perhaps you have clients, and they are in breach of contract? Don’t sweat it. This article tells you all you need to know about business contracts and how attorneys can help you.
The good news is that law firms such as Anthony J. Madonia & Associates can help you. Anthony J. Madonia & Associates is a service-oriented law firm that offers hands-on practice where clients receive comprehensive support and attention.
But before we dive in, first things first:
What does a business contract usually cover?
Almost all business contracts should cover the following:
- The date of the contract.
- The names of all entities or parties agreeing.
- Their addresses, contact numbers, and identity numbers.
- The terms of the agreement.
- The terms of termination.
- Payment details of the deal.
- The payment terms.
- Potential damages for breach of contract, missed deadlines, or incomplete services.
- Signatures of witnesses.
If you are unsure about what exactly a business contract should cover, you can consult a business attorney to review your contract. For instance, there are Chicago Business Attorneys that can help you to draft a perfect business contract.
What constitutes a breach of the business contract?
A breach of contract occurs when a client, a business partner, or supplier fails to perform their duties as specified in the contract. Examples of breach of business contract include:
- When a client fails to make payments for goods. A business transaction attorney in Chicagoland can help to get a payment.
- When a supplier fails to deliver goods after payment was received;
- When your supplier delivers wrong goods;
- Late delivering of goods;
- When a supplier delivers goods that are in a damaged condition;
- Or even when a buyer refuses to surrender business property after the transfer or sale of a business. A business transaction attorney in Chicago can intervene to make the transfer possible.
What are the consequences of a breach of contract?
When you enter into a contract in Chicago, it means that you make a legally binding agreement with one or more parties. Deviation from the terms of the contract may amount to a breach, which means consequences for breaching a contract will apply. Remember, the effects of breach of contract may vary from one contract to another. But business lawyers Chicago can advise you accordingly.
What are the remedies?
Certain remedies are available to you when someone breaches a business contract. Remember, remedies available to you will depend on whether the breach is minor or material. Here is how the two differ:
- A minor breach happens when one party performs partial obligations without meeting minor terms of the contract. In most cases, when this happens, this breach doesn’t significantly impact the contract.
- On the other hand, a material breach has more serious consequences. If a material breach happens, business lawyers in Chicago can advise you on which remedies are available to you.
A few remedies Chicago Business Lawyers can explore include:
- Specific performance
- Issue of an injunction;
- Contract rescission;
- And Contract reformation.
How can your attorney help?
Business lawyers will secure and protect your business’s interests. They can do this by drafting a concrete contract and creating the terms that will put you in a better position to sue when the other party breaches the terms of the contract.
A business lawyer will go through the contract to determine if there is a breach of contract and advise you about which remedies are open to you. For instance, a Chicago business lawyer will confirm whether you might claim damages and represent you in court.