Business partnerships can provide great value, allowing each partner to bring their own
experience and expertise to the table and dividing up the workload to keep it all from falling on one person’s shoulders. But what happens if your relationship with your business partner goes south due to a breach of contract?
Learn the various ways to handle a breach of contract in Georgia and how alternative dispute resolutions can help.
Handling a Breach of Contract in the State of Georgia
Generally speaking, there are three ways to handle a breach of contract in the state of Georgia.
Recovering Damages
In cases where the offended party has suffered financial losses as a result of the offender’s breach of contractual terms, the offended could sue to recover those damages or at least some portion of them. In Georgia, most damages, including lost revenue/income must be measured and proven. However, if the contract has a liquidated damages provision, which sets out the agreed upon amount of damages that will be incurred in the event of a breach, the offended party is not required to prove actual loss.
Rescission in a Breach of Contract
Rescission is the act of cancelling or revoking a contract altogether after it is breached by the offending party. The contract may either be unilaterally rescinded by the offended party, or mutually rescinded when both parties agree to revoke the contract.
Specific Performance
In the event that the damages incurred by the breach of contract cannot be measured or adequately compensated, the offended party may request specific performance from the offender. When this occurs, the court mandates that the offender must follow through with the performance he agreed to in the contract.
Alternative Dispute Resolution
One favorable method of working through a breach of contract in the state of Georgia is Alternative Dispute Resolution (ADR). When any party involved is not content with the performance of their partner(s), mediation can help all parties reach an agreement without the time, cost, and stress of traditional litigation. In ADR, a neutral and independent third-party helps facilitate negotiations and move the parties to a mutually agreed-upon settlement.
If You are Accused of Breach of Contract in the State of Georgia, We Can Help
If you are dealing with a breach of contract, call our law office at 404-892-9797 or fill out our contact form here to set up a free consultation with our experienced litigation and mediation team.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts.
