Get the answer to your question, “What is a contract dispute?”
For those wondering, “What is a contract dispute?” it’s simply a disagreement between two parties who have a binding contract agreement. In legal terms, when a contract is in place but one party does not meet all of the terms of the contract, they may be in breach of contract. It’s important to understand when you enter into a legally-binding agreement all facets of your responsibilities must be met according to the written contract. All of this sounds especially ferocious to someone who is unfamiliar with business law. However, the truth is the contract is just a matter of making certain both parties are holding to the original agreement.
What Is a Contract Dispute and How Serious of an Impact Can It Have on the Parties Involved?
There are a number of different types of contract disputes. In many cases, a contract dispute will come up during the review process, and it becomes a matter of both parties agreeing to the terms of the contract before finalizing the agreement. Depending on the type of agreement, this may require different levels of negotiation.
Other types of disputes might include:
- Terminology: There’s a disagreement on the meaning of specific terms in the contract.
- Fraud: There are some cases where one party has put provisions in place that are designed to trick the other party into losing rights or funds. This is one smart reason always to have legal contracts examined by an attorney, so you’re confident you’re not giving away rights without realizing it.
- Simple Errors: There may be simple errors in a contract that the parties weren’t aware of when signing.
In the event of a contract dispute, there are a few different options to settle the issue. The wronged party may seek monetary damages in court, or both parties may agree to a remedy without monetary payment. In the case of the latter, the parties can negotiate to rewrite the contract, or the party in lapse may agree to fulfill the terms of the original contract.
H2: How Can I Avoid Contract Disputes?
The best advice anyone can give you to avoid contract disputes and solve them when they happen is to hire a qualified attorney who has experience working with contracts. There are key ways to avoid disputes, including being very clear in the wording and definitions of industry terms and making certain to document every step of the negotiations process so you will have a record.
While you likely have the best insight into what your business needs, an attorney has the best insight into what the legal terminology of a contract entails. By working together, you can ensure you cover all of the bases. Contact the skilled contract dispute attorneys at Titus Law by calling 770.416.8426 today.