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Monetary remedies for breach of contract

| Jul 7, 2016 | Uncategorized |

Ideally once two parties have negotiated their terms and entered into a contract with one another, their business or employment relations have become cemented and smooth sailing should ensue. In reality however, this is not often the case-many contracts are broken for one reason or another and the question that next arises in the minds of New York residents may be-what do I do now? It may be easy to say, take them to court, but what remedy can a successful party get in court?

The most common form of remedy when a contract is breached is known as damages. This is payment in one form or another. Damages however are not only of one type-there are many various types of damages.

Compensatory damages are those that are awarded in order to put the non breaching party in the position they would have been had the breach not taken place. Often times, the business or employment contract itself can state what damages should be paid in event of a breach-this is known as liquidated damages. Liquidated damages should be a reasonable estimate of the actual damages in order to be enforceable.

In addition to this, punitive damages exist to punish the breaching party for their wrongdoing, but are seldom awarded in a business setting. When a breach takes place but the non breaching party is unable to demonstrate any loss, they may be awarded nominal or token damages.

When in a contract dispute and considering pursuing a case, it is important to know what remedies are available to the aggrieved party. A breach of contract has various remedies and an experienced attorney can help the aggrieved party determine which would best fit their situation.

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