Business contract disputes can be a major disruptor in the day to day operations of your businesses. They can interrupt your cash flow, make it impossible to sell your product, and even jeopardize the future of your company.
Therefore, it is important to create a plan to resolve these disputes favorably. A Bloomington contract disputes lawyer could help you to understand the terms of your contracts and work towards your goals during both contract negotiations and allegations of breaches.
Common Reasons for Contract Disputes
Ideally, a well-written contract will clearly outline the responsibilities of all parties as well as the penalties for a failure to perform. However, even the clearest terms may still be up for debate. For instance, the parties may disagree as to whether a breach of contract has occurred. They may also disagree as to what the remedy should be in case of a breach.
In many cases, disputes arise before a contract even goes into effect. The parties may disagree about what terms should go into a contract or the exact language of those terms. These disagreements could cost a company valuable time and money. A Bloomington contract disputes lawyer could help work to resolve these disputes.
Resolving Disputes in Bloomington
A company owner who understands their goals entering a contract, has a good idea about what the other party wants, and is flexible about certain terms has a far greater chance of avoiding disputes at the negotiating table. An attorney could help in this process by working to identify goals, drafting templates for a contract, and negotiating on a company owner’s behalf.
Even so, contract disputes may arise after the contract goes into effect. Here, an attorney could help determine whether a breach of contract occurred and what the effect of that breach may be. They can then take the necessary legal steps to protect the rights of companies.
In some instances, this may include taking a case to court alleging that a breach of contract entitles a company to collect damages. A Bloomington contract disputes lawyer could help companies understand the effects of contract disputes and to protect their rights during every stage of the contract’s life. However, it is important to note that, if it becomes necessary to ask a court to intervene, MN Statute §541.05 gives a business owner six years from the date of alleged breach to file a case.
Let a Bloomington Contract Disputes Attorney Help
A contract dispute may can delay major acquisitions, prevent a company from using their intellectual property, and may necessitate a company to abandon projects. These disputes can arise both during the negotiation stage and when contracts are already in effect.
A Bloomington contract disputes lawyer could help by drafting and negotiating contracts in a clear and effective manner. However, if disputes do arise during the performance stage of the contract, an attorney can work to protect your rights and to see that the other party fulfills their obligations under the deal. Call today to discuss your situation.