Negotiating any form of business contract can be a complicated process. The larger the scale of the deal, the more parties may be involved and the harder the matter can be to settle. An added level of difficulty arises if one or more of the parties do not honor their part of the agreement. Having previously faced contract litigation in New Jersey, Fortis Property Group has recently bid on a failing hospital located in New York.
The new bid is for Long Island College Hospital, a hospital that has been on the brink of closure for the greater part of the past year. However, seven years ago, it appeared that Fortis Property Group was prepared to take over New Jersey’s Bayonne Medical Center. However, as the property was set to be sold, Fortis’ lawyer issued a statement that it had not made a deal to buy the medical center. The group claimed that they had not authorized an intermediary to sign the purchase agreement for $22.5 million.
A spokesman for Fortis claimed that the group had decided not to pursue the purchase as it had not seemed profitable. However, the outlook for the Long Island College Hospital is hoped to be different. The spokesman claims that the group’s interest in redeveloping the hospital has been far more explicit, and it intends to submit a proposal to that end.
Contract disputes can result in lengthy and expensive processes in order to resolve them. This can be a sensitive matter to handle alone, so it may be helpful to seek advice and feedback on the situation. By fully understanding the legal obligations of your contract and challenging any breaches, you can work toward a fair resolution in the best interests of your business.
Source: The New York Times, “Bidder for Long Island College Hospital Has Checkered Record in Role of Rescuer,” Anemona Hartocollis, March 18, 2014
Subscribe To This Blog’s Feed