Having smooth relationships with customers and vendors can be vital to the successful operation of your business. Commercial agreements are extremely important, since they often contain provisions designed to protect your interests. At Stok Folk + Kon, our experienced business lawyers can review existing agreements to anticipate what may need to be changed or modified for your benefit. We also negotiate, draft, and discuss the terms and conditions of new industrial, marketing, service, vendor, and sales contracts.The Role of Commercial Contracts
A contract is an agreement between two or more people or entities in which one party agrees to perform a service or provide goods in exchange for money or other goods and services. They typically encompass contracts between one business and another, as well as agreements pertaining to employment, leases, wages, loans, employee safety, non-compete violations, business fraud, and more.
When an entity performs its obligations under a contract, but the other party does not fulfill its responsibilities under the terms of the agreement, a breach has occurred. In such an instance, the law allows the non-breaching party to seek a remedy from the breaching party, which is usually money damages in the business context.
Generally speaking, the damages recoverable for a breach of contract are those that naturally result from the breach and would be foreseeable by the breaching party at the time the contract was formed. The idea behind awarding damages in a breach of contract case is to place the non-breaching party in the position it would have been in had the contract been performed as planned. This idea is commonly referred to as “the benefit of the bargain” and establishes the limits of recovery just as much as the right of it. As mentioned above, this is simply one of many remedies available to the non-breaching party.
There is a specific time frame in which legal action can be taken for a breach of contract claim, known as the statute of limitations. In Florida, the statute of limitations for a case involving breach of written contract is five years from the date of the breach. In a case involving breach of an oral contract, the statute of limitations is four years.
Many legal disputes can be prevented if the contract is drafted properly, and both parties understand their rights and obligations from the outset. Whether you are seeking to draft a new contract or are facing an issue with an existing agreement, we can help. Our lawyers have extensive business experience, which enables us to analyze your situation from both legal and commercial perspectives.Discuss Your Commercial Law Issues with an Fort Lauderdale Lawyer
Commercial contracts govern how your business interacts with employees and other entities. These agreements can affect your day-to-day operations as well as any major transitions your business may be going through. Based in Fort Lauderdale, the skilled commercial law attorneys at Stok Folk + Kon can draft or review the terms of your contract to ensure your rights are protected. We will take the time to explore the details of your agreement and help you understand what it requires and allows. To learn more, call us today at (954) 237-1777 or contact us online for a consultation. Our clients come from Hollywood, Fort Lauderdale, and other communities throughout Florida.