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Contracts are the backbone of every company. You likely use contracts to arrange the exchange of goods or services and establish relationships with your business partners, employees, and customers. Entering into a contract can protect your company during several types of business activities.
However, you may run into trouble if you sign an agreement with unfavorable terms. It is important to consult a seasoned lawyer before finalizing anything. A New York contracts lawyer from our firm helps you draft an agreement, review and negotiate the terms of an existing deal, or help you take legal action should a party default on the agreement.
One way in which a New York attorney could assist businesses is in the creation of new relationships with other entities via contracts. While contracts have a reputation as being a take it or leave it form of document, the fact is that businesses negotiate contracts every day. Having an attorney on one’s side who understands a company’s needs and where there is room for flexibility can help to bring more favorable final products.
At the same time, an attorney is able to draft contracts that are both sufficiently detailed and that meet all relevant legal requirements. In fact, having the same attorney negotiate the terms of a contract and author the final draft is an efficient way to ensure that the document is both accurate and legally sound.
Entering into a contract requires both parties to fulfill their ends of the bargain under the language of the document. This may include providing a service, supplying a manufacturer with goods, or agreeing to purchase an item at a specific price. Anytime that a party to a contract fails to honor the terms of the agreement, the law may consider them to be in breach. A material breach is simply one that frustrates the core motivation for the contract.
An experienced New York lawyer could determine whether a material breach has occurred. They could analyze the language of a contract and compare it with the actions of both parties. Whether a company is facing breach of contract allegations or believes that another party has defaulted on the agreement, an attorney could provide legal representation.
If a party to a contract believes a breach has occurred, they are entitled to seek out a remedy. These remedies may include the payment of penalties as described in the contract or the specific performance of duties.
Companies may file breach of contract lawsuits, asking the court to grant those remedies. According to New York Civil Practice Law & Rules § 213, companies have no more than six years after the date of an alleged breach to file these cases in court.
A local attorney could represent a company during legal proceedings. However, in some cases, a lawsuit may not be necessary. It may be possible to negotiate a settlement through mediation sessions or informal discussions. This could eliminate the need for costly litigation. In either case, an attorney would be prepared to fight for an equitable resolution to the breach of contract.
Every business entity in New York has the duty to perform its duties under the terms of contracts. This may include providing a service, buying items at a set price, or licensing agreements for the use of intellectual property. The terms of these contracts are set in stone, and a party who fails to perform their duties may face serious legal consequences.
Whether your business is looking to enforce the terms of a contract against another party or is facing allegations of a breach, a New York contracts lawyer may be able to help. They can work to explain the concept of contractual duties and breaches. They then take all necessary steps to protect the finances and reputation of your company. Give them a call now to schedule an appointment.