Posted on December 15, 2022 in Commercial Litigation

There are numerous situations where creditors or other companies may need to address a breach of contract through commercial litigation. A breach of contract occurs when one party fails to fulfill a contractual obligation, resulting in financial losses or other damages for the other party. If a contract has been breached, the non-breaching party may pursue litigation and seek compensation or other remedies from the breaching party. Creditors who need to address issues related to breach of contract will need to understand the remedies that may be available so that they can recoup the losses they have experienced due to the breach. The remedies available for a breach of contract may include:

Compensatory Damages 

Compensatory damages are awarded to reimburse the non-breaching party for any losses incurred as a result of the breach. These losses may include lost profits, lost wages, and other monetary losses. Compensatory damages may also cover expenses related to mitigating or avoiding further losses due to the breach, such as the costs of hiring a new contractor or purchasing new materials. Compensatory damages are intended to put the non-breaching party in the position they would have been if the breach had not occurred. 

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