If you've been in business for even a day, you know that contracts are as integral a part of any business as a logo, merchandise and a storefront. Most of the time, you honor your contracts and the companies you do business with honor theirs. But every business owner will face a time when another party doesn't hold up their end of the bargain. When that happens, it can do untold damage to your company.
So how do you go about getting restitution for those damages and what are some of the types of compensation available to you? Here is a short list:
- Restitution. This is exactly what it sounds like. The court tells the party in breach to pay the other party back the amount they owe.
- Compensatory damages. Compensatory damages give the wronged business compensation for how much they will have to pay to get services elsewhere.
- Nominal damages. These are awarded when neither side has been significantly damaged by the breach.
- Quantum meruit. The courts can award partial damages for a job that was partly done. Say you fulfilled half of the job before the other party breached; you could receive half of what you were due in the original contract.
As you can see, there are a number of ways to be made whole again after a breach. An attorney experienced in employment law can take a look at your case and help you file so you can be compensated and get back to running your business.