When you enter into a contract with a vendor, a customer, or an independent contractor, you expect that they will uphold their end of the bargain. Inevitably, however, there will come a time when a contract is breached. What kind of remedies can a business pursue?
Damages are the compensation rewarded to the plaintiff for injury or loss due to the defendant’s negligence or breach of contract. In order to be rewarded with monetary compensation, the plaintiff must prove that the defendant’s breach of duty resulted in foreseeable losses. In order to be recognized by law, those damages must include physical injury, mental injury, or damage to property.
These might include future and past medical expenses, loss of the ability to earn, out-of-pocket costs, property damages, rehabilitation costs, physical therapy cost, future or past loss of wages. These damages evaluate the extent of harm a party had to endure in terms of financial terms as negligence of the other party.
The main aim of the economic damages is restoring the plaintiff to the position they were before the defendant’s negligence caused harm. Therefore, these damages are typically considered as remedial instead of punitive or preventive. Punitive damages however might be rewarded for certain kinds of wrongful conducts. Before the plaintive is able to recover those damages, the damages they experienced must be recognized by the law.
Once a breach of contract occurs, it is essential for you to get in touch with Uphando Forensic & HR Services as we offer Litigation Support.