Whenever a business transaction occurs, a business owner and a customer both agree to the conditions and terms of the sale. Typically, those provisions are outlined in a sales contract that becomes legally binding to both parties. The contract represents the seller's promise to make good on the offer of sale to the customer, and the customer consents to make payment for the item. Business owners in New Jersey may be interested in learing about the consequences for failing to uphold the terms of a contract.
Business contracts can only work when all parties involved understand and uphold their side of the deal. When the terms of a contract are not abided by, it can be hugely detrimental to the other businesses involved. Furthermore, resolving contract disputes can be a lengthy process, costing valuable time and money for all concerned. In New Jersey, a minority-owned contracting firm has been embroiled in such a dispute since the end of 2012.
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.
Most of us do it. We wake up, grab a cup of coffee and then head out the door to work. We then work our shift and head home, with the process repeating again the next day. But what happens when going to work isn’t that simple? What if your employer makes changes to your contract without your approval, or alters something that is in your employment contract?
When it comes to avoiding contract disputes, there is an old saying that still holds true: An ounce of prevention is worth a pound of cure. In most cases, significant time and expense can be avoided later if all involved parties originally write a contract with as much clarity as possible. Companies doing business in the consumer arena should pay special attention to the terms of their contracts, as they may be subject to regulatory or legislative measures.
New Jersey based health-care products company Johnson & Johnson is involved in a breach of contract suit. Reports say that the company has sued drug maker Boehringer Ingelheim over a contract dispute. Boehringer makes lung cancer medication and a system of testing genes to determine which medication is most appropriate for a specific patient.
New Jersey businesses can be sued by a variety of sources including other businesses, non-profits, customers and the government. No matter who is suing a business, commercial litigation can slow businesses down and cost businesses money. Unless the right precautions are taken, litigation can prevent a business from working at all.
New Jersey readers may be interested to know that Oscar winning actress Octavia Spencer has recently sued a weight loss company for breach of contract. The company, Sensa, sells weight loss products that are sprinkled on people's food to help them feel full faster. According to reports, Sensa and Spencer had an agreement where Spencer agreed to be a company spokeswoman.
A 21-year-old New Jersey contract dispute has finally reached an end. A judge recently ruled that a real estate mogul from New Jersey had cheated his business partners out of revenue that they deserved from an apartment complex. The development contract involved a 764-unit apartment complex that the man and several members of his family had built as part of a deal with two business partners.
Contracts for builders are important in New Jersey because they help to define what is expected of the builder by building's owner. A contract helps to define everyone's responsibility during the project and the remedies if people do not uphold their end of the bargain. Once a contract has been signed, people on both sides rely on the promises made in the contract. If those promises are broken, it is possible that a breach of contract has occurred and a lawsuit may be brought. These types of contract disputes can be complex and time consuming for contractors and businesses alike.