Revocation allows the non-breaching party to terminate the contract as a breach remedy.
If an individual breaches an agreement with your company, you must seek justice. Fortunately, there are various potential remedies for breach of an agreement. These range from monetary compensation to enforcement of the terms of the agreement. If your business or you are facing an agreement dispute, only a commercial litigation lawyer may help you out.
These individuals review the contract and help you come up with possible remedies. They know the Ins and outs of these agreements and thereby have various strategies to help you grab the best results. Hence, if you want to get the best compensation for the breach of contract, you have to contact these lawyers.
Different categories of remedies for contract breach
There are multiple remedies for contract breach. The appropriate resolution depends on contract terms, specific circumstances, and the nature of the breach.
Getting compensatory damages is a common legal remedy for contract breach. The calculation of this damage hinges on the losses you sustained for the contract breach. These include two categories, which are consequential damages and expectation damages.
Expectation damages, which are also known as general damages, are those, which directly result from contract breach. On the other hand, consequential damages flow as a typical result of a contract breach. These comprise the profit, which a company lost because of the rift.
Another probable remedy for breaches of contracts is specific performance from both parties. Monetary damages are favored over this because they have other benefits. However, specific performance is available when economic damage does not work. Here, the court orders the liable party to perform their task of the bargain.
Similar to specific performance, injunction serves the same purpose. In a particular version, the difference is that the court asks the party to perform their task. In demand, the court orders the breaching party not to do anything.
Revocation allows the non-breaching party to terminate the contract as a breach remedy. Rather than going for monetary damage, the non-breaching party may refuse to complete the contract. This puts both the parties back in their previous position, and it assures them of the best results after dispute resolution.
Liquidated damages are a specific amount that the parties agreed to pay for the contract breach. Agreements use liquidated damage provisions where calculating the exact amount of compensatory damage is demanding.
Nominal damages come as a legal remedy for contract breach when the plaintiff does not have the resources to support the claim for compensatory damage. With this policy, the courts recognize that the contract breach occurred but calculating the damage is impossible.
For learning more about these remedies, you have to contact professionals.
These individuals have training and experience in this field. Hence, it is always better to work with trained and competent individuals to access the agreement and find the best remedy possible. You must assess your situation and get the help of a legal professional. You can seek legal assistance to handle such business disputes.