Business contracts protect the interests of parties who enter by requiring each to fulfill obligations. When one party to the agreement fails to comply with the agreed terms and does not uphold their end of the deal, the other is at risk of damages that can lead to substantial losses. Accusations of breaching a contract and failing to deliver as agreed can have many negative legal repercussions.
Both sides of the disagreement can be costly and time-consuming. For example, dealing with nonpayment because of another party’s breach can have devastating financial consequences. If you signed a business contract and the other signee breached the terms, you have the right to seek relief in the form of compensation with help from a seasoned business attorney. Contact a New Bedford contract dispute lawyer for more information.
Every legal contract has three primary elements: offer, acceptance, and consideration. When one party makes an offer and provides the terms of the arrangement, they fulfill the first component of legal agreements.
Acceptance occurs when the other party reviews and accepts the offered terms. The final element is complete when the party accepts the terms and agrees to pay or provide services as per the terms provided by the offeror. Terms of the arrangement must be specific about the intent of both parties.
Contracts are legally enforceable documents to protect parties that enter into the arrangement. Two or more parties agree to perform a service or provide acts in exchange for pay or other consideration. The agreements must meet the guidelines of state contract laws to ensure validity. According to state law, legal requirements for business contracts include:
During the strategy meeting, a New Bedford contract dispute attorney could review the regulations and ask questions about the requirements and legal process.
Contract disputes often involve significant money and put one party’s reputation on the line. Effective negotiations to reach agreements can be challenging when the issue becomes contentious. A knowledgeable contract dispute lawyer in New Bedford handles cases concerning:
Parties to a contract who wish to enforce the agreements can file an arbitration or medication, called a resolution plan. It is an alternate option for those seeking damages to prevent litigation. However, if the resolution plan is unsuccessful, the next step is filing a complaint with the court.
The disagreements are commonly contentious and overwhelming, especially when substantial assets and issues put your business or reputation at risk. Accusations of failure to perform or poor quality can have lasting effects, and dealing with another party’s breach of contract can damage your financial health and security.
A New Bedford contract dispute lawyer understands the stakes and stress involved and could help you reach a favorable solution. Call today to schedule a consultation and learn more.
