If you are having problems settling a business dispute with a partner and can’t come to any resolution, it may be time to bring in a professional to mediate. Nothing is more devastating to a business than disagreements between partners over a contract or the dispensing of the funds. A business lawyer in Rapid City, South Dakota has seen many disputes and conflicts that end up dissolving the partnerships or business arrangements of many businesses. This is something that does not have to be. To avoid having to get into these tight spots, here are some things you need to know about business law in South Dakota.
What occurs frequently in business disputes is the breach of contracts. This is partly due to misunderstandings about portions of the contract, or either a failure to honor a part of the contract because of some failed commitment, real or perceived. In fact, the breach occurs when one party does not deliver the goods or services promised, doesn’t deliver at the set time or neglects to deliver the promises as laid out in the contract.
The manner in which a breach is settled is called the remedy or relief, according to the legal language. These remedies can result in the form of damages, specified performance, or cancellation and restitution. Damages refer to monetary compensation paid to the non-breaching party. These damages can come as compensating damages, which restores the non-breaching party to the financial state before the breach. They could come as punitive damages, which intent is to punish the offender for the breach; but this is rarely enforced. Specific performance occurs when a court-ordered performance of duty is enforced. Finally, cancellation is when both parties are relieved of obligation to one another.
Beardley, Jensen & Von Wald are attorneys in South Dakota who has been providing legal services for clients for a combined period of over 100 years. If you need a Business Lawyer, they handle everything from minority shareholder rights to wrongful termination. Of course, they also handle breach of contracts. They are available for you to turn to when you need advice from a Business Lawyer in Rapid City, South Dakota.
