When any kind of dispute arises in the world of business, parties on both sides anticipate losses such as loss of time or loss of money. Breach of contract is one of the most common business disputes, with both sides risking a great deal to emerge successfully.
In a typical scenario, all involved parties will seek to resolve the dispute outside of the law. This is beneficial for everyone when it comes to reducing financial loss and lost time. However, these attempts at a resolution may fail, leaving business litigation the only viable option for success. When this happens, it is vital to seek out a business lawyer who has trial experience and a record of standing up for clients.
As attorneys with business litigation experience, we want to inform all Texas residents that a breach of contract can be satisfactorily resolved through litigation. With the right legal counsel and the proper approach, it is possible to acquire more than one type of damages. Below is a brief outline of the damages that may be available to you.
— Compensatory damages makes you whole by putting you in the same position you would have been in had the breach not occurred.
— Nominal damages may be awarded if a breach of contract occurs but did not cause you to lose money.
— Liquidated damages refer to specific harm incurred if a contract is breached. It should be a fair estimate of actual damages suffered should a breach occur.
— Any punitive damages awarded in business litigation exceed any actual harm suffered and is meant to punish the party that breached the contract.
By its nature, business law is quite complex. You can improve your odds of emerging from business litigation successfully by learning more about this area of the law. Please visit our website to find additional information.