There are different types of contracts and different reasons that companies in Florida enter into contracts. These contracts usually are entered into because both parties to it either need or want something from the other side. Many of them involve one side providing goods or services and the other paying money for those goods or services. The contract is important to ensure that both sides follow through with what they promised to do.
Usually, both sides want to follow the contact because they entered into it hoping to gain something from it. However, there are times that one side will breach the contract. This means that they do not do what they were supposed to do. Sometimes the parties can reach agreements to modify it or allow a small breach in order to keep the contract going. Sometimes the breach is something that makes it impossible for the contract to continue, and one party can suffer significant damages as a result.
There are different types of damages parties can suffer as well. There are compensatory damages which are intended to put the non-breaching party in the same position they were in prior to the breach. There could also be damages specifically stated in the contract itself in the event that one party breached. The non-breaching party may also be able to receive punitive damages, which are damages above the actual loss meant to punish the breaching party.
Most of the time companies follow the contracts that they enter into, but sometimes companies do breach their contracts. Because of these breaches, many non-breaching parties suffer damages as a result. The non-breaching parties may be entitled to compensation for these damages due to the breach. There are different types of damages that could be available, so consulting with an attorney could be helpful to ensure one receives what they deserve.
