Contracts are legally-binding documents. Meaning, if two people sign a contract, they must obey their side of the contract. Any terms and agreements have been decided upon and signed off on by both parties. Sometimes, these terms and agreements are not always followed despite a contract attempting to hold them to it. When one party breaks the terms of a contract, there has then been a breach of contract. When this occurs, there are several remedies that the violated might take depending on the conditions and content of the contract.
Here is a brief breakdown of some of the damages and remedies for a breach of contract.
- Reimbursement: if you have experienced a breach of contract, you might have the right to compensatory damages, which reimburses costs and losses caused by the breach of contract. This can include attorney’s fees, property loss, or any other monetary loss experienced due to the breach of contract.
- Liquidated Damages: These are damages agreed upon in the contract.
- Punitive Damages: This is when the violated receives money for offensive actions or behavior from the person who breached the contract. This is payment for damages related to behaviors.
Consequential and Incidental Damages: These types of damages are covered when the parties who signed the contract knew potential losses at the time of contract signing.
Every breach of contract case varies. Most likely, remedies or reimbursements in the case of a breach of contract are included in the contract and agreed upon before signing. If you have experienced damages due to someone breaking your contract, contact us today. An experienced attorney on your side greatly increases your chances of reimbursement for all losses.