In South Carolina, contracts in business are legally binding. If you enter into a contract with your business partners or other third parties, you would expect them to honor the terms and conditions specified in the agreement. Unfortunately, there may be instances where one party fails to honor their obligations and commitments, intentionally or unintentionally, leading to a breach of contract.
A breach of contract occurs when one party fails to fulfill the commitments and terms outlined in a legally binding contract. It usually involves a violation or non-performance of some terms of the agreement. Some reasons for contract breaches may include:
Breach of contract remedies are the options available for the non-breaching party when the other party breaches the contract. The remedies may be stated in the contract itself, or otherwise may be generally available under the law. These remedies are broadly categorized as:
There are solutions for resolving contractual conflicts between parties to a contract. If you are facing a breach of contract in South Carolina, you should find an efficient way to resolve the disagreement.
The most common methods of contract dispute resolution include negotiation between parties involved in the dispute. This is a flexible and informal process where the parties involved in a conflict attempt to find a mutually satisfactory solution without involving a third party.
The disputing parties may also opt for mediation, where a neutral third party assists them in reaching a mutually agreeable solution, although the third party’s suggestions are not binding. Another alternative is an arbitration, where a qualified third party arbitrator hears the case and makes a binding decision. If these out-of-court methods fail or otherwise cannot be agreed upon, you may want to consider litigation, which is a process of resolving a contract dispute through a lawsuit in a court of law. Business disputes can often be complex, and you may need the help of an attorney to navigate the process.