Breach of a business contract represents the possibility of significant financial loss and other complications. A Texas business dealing with a breach of contract matter may be able to reach an out-of-court resolution to these concerns, but it may be necessary to pursue legal action in order to secure appropriate remedies. A lawsuit may be the most beneficial way forward for the specific situation.
Specific remedies available
The ideal outcome for a breach of contract matter depends on the details of the individual situation. The non-breaching party could be entitled to certain types of relief, and a court may determine any of the following remedies to be appropriate:
- Damages, including punitive damages and/or compensatory damages to be paid by the offending party to the other
- Cancelation of the contract and restitution paid by the offending party
- Specific performance, which includes a court-ordered performance of duty as outlined in the contract or alternative resolution
There are situations in which it is necessary to sue over a breach of contract matter. A company may find it helpful to first consider which remedies would be best for its individual situation.
Protecting legal and financial interests
The non-offending party in a breach of contract matter has the right to pursue legal action in pursuit of a monetary judgment or another appropriate remedy. An experienced Texas business law attorney can provide insight regarding how to move forward with the appropriate course of action. After a breach, it is beneficial to take quick and decisive action to stop continued damage and recover losses.