You might be surprised, angry, and disappointed when a contract is breached. But when it happens, and it likely will happen at some point to your business’s lifetime, you need to be prepared to take action to protect your interests. Where do you start in doing that? Let’s take a closer look.
What are your first steps after a contract is breached?
You might not know where to start when it comes to resolving your contract issue, but there are some beneficial first steps that you don’t want to miss. This includes:
- Reaching out to the other party to see if there’s a way to resolve the issue without the need for litigation.
- Tracking your losses so that if you do need to litigate your case you know what you’ll seek as a remedy.
- Knowing the time limits both as they pertain to filing a legal claim and also as to when you need to resolve the issue to preserve your operations.
- Considering whether some other alternative dispute resolution, like mediation, will get you to a result you want faster than litigation.
- Gathering evidence of the breach, including written communications with the other party, witness testimony, and documentation pertaining to your losses.
- Taking preventative measures to mitigate your damages, such as by securing a new contract with a different party.
Keep in mind, too, that the other side may be someone you want to do business with again. If that’s the case, then you’ll want to strike a fine balance between aggressively advocating to protect your rights and interests and preserving your working relationship.
Find the best legal strategy to deal with your contract issues
There are several ways to navigate your contract dispute. You need to figure out the best strategy to protect your business interests. By taking these first steps, you’ll likely find yourself in a better position to make the decision that’s right for you.
But if you’re still unsure of where to start the process, then now is a good time to reach out for any assistance and support that you might need.
