Being the owner of a business in Florida will expose you to many complications. One of them will be figuring out how to peacefully and cost effectively resolve a business dispute. There are plenty of methods that you can have recourse to. Many of the most common ways to resolve a dispute are also known as remedies.
Breach of contract disputes can be resolved
Contract disputes are a very common occurrence in the world of business. They occur when you believe that the person you have signed a contract with has not lived up to their end of the deal. When this happens, you can attempt to resolve the issue through arbitration. If this fails, you will have to file a claim in court.
A wide variety of remedies are available
There are many types of remedies that can be applied to end all of kinds of business disputes. Other types of remedies include compensatory damages. These can be awarded when the person who breached the contract is ordered to pay damages to the other party. The damages will cover what the arrangement would have earned them if the terms of the contract had not been breached.
Punitive damages are intended to punish the party that is guilty of breaching the contract. These damages are commonly awarded when it is discovered that the breaching party did something particularly reprehensible. For example, they may have knowingly sold goods that were inferior or dangerous to a retail supplier.
Nominal damages can be awarded when a breach of contract has been proven but no party to the contract suffered any type of harm. Liquidated damages are agreed upon in advance to be paid in case the contract is breached. These are only a few of the many kinds of damages.