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DuPage County Breach Of Contract AttorneysBusinesses often rely on contracts to protect their rights and interests, and these legal agreements can protect them from financial losses if they meet all of their contractual obligations. However, there are many cases where a business may be placed in a difficult position because another party failed to fulfill a contract’s terms. In these cases, a business may pursue a breach of contract lawsuit, and it may seek to recover damages from the other party to address the losses that it experienced because of the breach.

Types of Breach of Contract Damages

When pursuing civil litigation to address a breach of contract, a plaintiff will not only need to show that the defendant failed to meet their obligations under the contract, but they will also need to demonstrate that they suffered harm because of the breach. If a plaintiff proves that the defendant’s actions caused financial losses or other forms of harm, a court may award damages to the plaintiff. These damages may include:

  • Compensatory damages - The defendant may be required to repay the plaintiff for the losses that occurred because of the breach of contract. These may include consequential damages that occurred as a direct result of the breach. For example, if the defendant failed to deliver equipment that the plaintiff had ordered, the defendant may be required to refund any payments made by the plaintiff, and they may also be required to pay for any additional expenses incurred as a result of ordering replacement equipment. A defendant may also be required to pay expectation damages for additional losses that arose because of the breach of contract. For example, the failure to provide equipment may have affected the plaintiff’s ability to perform certain types of work, causing them to lose business from a customer, and the defendant may be required to compensate the plaintiff for these losses.

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DuPage County Partnership Agreement AttorneyThere are multiple types of business contracts that can provide a business and its owners with legal protections and ensure that a company will be able to operate successfully. A well-drafted partnership agreement is one of the most crucial types of contracts for a business since it will define the relationship between business partners and ensure that they fully understand their rights and responsibilities. When creating a partnership agreement, an attorney with experience in business law and contractual issues can make sure the terms of this contract will protect the partners’ rights and meet their ongoing needs.

Terms of a Partnership Agreement

A partnership agreement should address:

  • Percentage of ownership - An agreement should fully detail each partner’s stake in the company based on the money or assets they have invested. An agreement should also describe how profits and losses will be allocated between the partners, and these allocations will usually be based on each partner’s ownership percentage. 

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