Moving forward after a breach of contract

On Behalf of | Feb 4, 2023 | business litigation |

Agreements between North Carolina businesses and other parties can be fruitful and beneficial for everyone, but it is critical that there be a clear understanding of the rights and responsibilities of all involved. One of the ways to ensure this happens is through a carefully drafted contract that spells out the details of the relationship. In the event that one of the parties breaches the terms of this contract, the non-breaching party has the right to take legal action. 

Appropriate remedies after a breach of contract 

There are different ways to handle a breach of contract that will allow the non-offending party to recoup losses and move forward. In some cases, simply speaking with the other party may lead to an effective resolution that will work for both sides. If an out-of-court resolution is not possible, the following remedies may be sought through legal action: 

  • Specific performance, which is a court-mandated performance of the duty outlined in the contract or an alternative 
  • Cancellation of the contract and restitution of losses incurred by the non-breaching party 
  • Damages for losses, including punitive damages, compensatory damages and liquidated damages 

The ideal remedy for breach of contract depends on the details of the specific situation and the types of losses incurred by the non-breaching party.  

Fight for the best possible outcome 

A breach of contract can result in significant losses and other problems for a North Carolina business. The complications associated with a breach can be significant, and it is beneficial to seek the guidance of an experienced business law attorney when navigating these matters. An assessment of the specific situation can reveal the legal options available to a company.