Why Your Commercial Contracts Are Important
Commercial contracts are very important to the success of your business. As a result, you should pay attention to them because, in times of dispute, you would need your commercial contract to protect your rights.
What Commercial Contracts Do For Your BusinessA commercial contract is an agreement between two or more persons/businesses where they exchange goods or services. By their very nature, commercial contracts are commonly between businesses. However, there can be commercial contracts between a business and individuals like employees.
If there is a contract and one of the parties involved fails to carry out his portion of the contract, then there is a breach of contract. When there is a breach of contract, the law lets the non-breaching party seek remedy for the breach. This remedy is usually in the form of money damages.
Damages in Commercial ContractsOn a general note, the damages the non-breaching party gets from the contract have to arise directly from the contract. They also have to be something the breaching party could reasonably foresee.
The purpose of damages for a breach of contract is to put the non-breaching party in the position he would have been if the contract was not breached. This is known as the "benefit of bargain," and it establishes the limit of damages.
Also, you should note that damages are just one of the many remedies available to you when there is a breach of contract.
Statute of Limitations for Commercial ContractsThere is a period within which you have to bring your action for breach of contract. This period is called the period of limitation. If you bring an action after the period of limitation, the court will not hear it. If the commercial contract was a written one, the period of limitation in Florida is five years.
Getting a Lawyer For Your Commercial ContractsThere are a lot of online services that let you create agreements by creating custom forms. However, the truth is that each contract is as different as each business transaction. A generic commercial agreement will not be able to cover the unique aspects of your transaction.
This is where you need a lawyer to translate your desires into words of your commercial contract. If you want to either draft a new contract or modify an existing one, then you should get in touch with our experienced business lawyers.