A contract is a vital piece of business. Whether the deal you strike has to do with purchasing a piece of property or hashing out the details of a merger with a competitor, the terms and conditions of this document can make or break any deal in Texas.
The attention to detail in any legal document is paramount, especially in a contract where a breach can spell disaster. We here at Kelsey, Kelsey & Hickey have the experience and knowledge to ensure your transaction runs smoothly and your contract is fully enforceable in the case of a breach in performance.
A breach is a broken promise. A contract contains conditions for each party to fulfill. In the case of a buy-sell agreement, for example, the buyer must conduct inspections, remit deposits and a notice to proceed. All conditions have a due date or a benchmark clearly indicated in the contract. If a buyer does not perform its obligations by the due dates, the rest of the agreement may become void.
Penalties when a breach occurs
When a breach happens, the non-performing party may request an extension which the other party may or may not accept. If the innocent party forgives the transgression, it may demand additional assurances that another breach will not occur, such as a non-refundable deposit. On the other hand, the parties may choose to terminate the agreement, and the innocent party may decide at that time to move forward with any remedies set out in the contract.
Your business contracts deserve the highest of attention, and we aim to provide that. If you become the victim of a breach or believe you may have committed one, we can help. Discover more about our business law services in the business law tab of our site.