Deciding Factors in Perusing a Breach of Contract
As a business owner you come into contact with various types of contracts. At one point you may be faced with having to forego a breach of contract. You need to be aware of the consequences if you should find yourself in a breach of contract. Consulting with the lawyers at Robinson, Seiler & Anderson Law Firm in Provo, Utah will help you to know what the best option is for you and your business.
Business Reputation and Relationships
Before going through with a Breach of Contract you need to consider how it will affect your reputation and business relationships. When people form a contract, they are relying on each other to live up to their promises. If you breach a contract that means that you did not follow through on a promise, even if there was good reason to break the contract. The other party may feel let down and could be in a worse position because of your breach. The other party may even tell others in the business community that you are untrustworthy and you do not live up to your promises.
Impact of Time and Money
When you breach a contract you run the risk of being sued. The other party may threaten or go through with a lawsuit to force you to do what the contract states that you will do. A record of the lawsuit may follow you longer than you intended. And, if sued, you could be forced to spend valuable time away from your business to respond to discovery requests, attend depositions and litigate the matter in court.
The Loss of a Lawsuit
If you end up losing the lawsuit you will be held accountable to the terms outlined in the contract. A judge may order damages to put the other party in the position that it was in before the contract, and a judge may also order you to pay for damages if the other party took steps relying on you to perform your end of the bargain.
Before going through with the breach of contract we highly advise you to speak with your experienced attorneys at Robinson, Seiler & Anderson Law Firm in Provo, Utah. We can walk you through the process and answer any questions you may have.