For Florida entrepreneurs, contracts are an essential part of any business operation. Unfortunately, when your business relies on contracts, you can leave yourself vulnerable if your counterparty fails to hold up its end of the deal. If this happens, you may be faced with filing a lawsuit to recoup your losses. However, before going through the pain and hassle of suing a vendor or buyer, you may first try negotiating a breach of contract settlement in Florida.
Florida breach of contract settlement negotiations are an extremely common way to avoid the time and expense of litigation. Negotiating a Florida breach of contract settlement can help keep you in control of the details of the outcome after a breach of contract. However, drafting an enforceable settlement agreement takes skill and close attention to detail. The BrewerLong team has extensive experience helping Florida businesses negotiate settlement agreements. In this blog post, we will provide our take on negotiating a breach of contract settlement in Florida and some key points to keep your eye on along the way.
First Steps When Negotiating a Florida Breach of Contract Settlement
An essential first step in negotiating a breach of contract settlement in Florida is simply talking things out. Often, breaches of contract result from an honest mistake. Before pursuing the harshest or most expensive path for resolution, ensure you have exhausted all “easy” ways of handling your dispute. For instance, you may be able to make a small change to the contract to immediately remedy the other party’s breach and allow the contract to remain or become profitable for both parties. Discussion-based resolutions work best when both parties want to preserve the relationship.
Researching Terms of a Possible Settlement Agreement
If a discussion-based approach is not appropriate or successful, then negotiating a breach of contract settlement in Florida requires researching what possible settlement terms could look like. Begin by identifying the settlement terms that have the potential to help resolve your particular case. For example, if you have insurance for your particular claim, then your settlement agreement may include a clause stating that the issue will be resolved by payment in exchange for a release of further legal liability within certain limits. Understanding what your specific claims are and what kind of case you have can be a great help in negotiating a settlement agreement.
When researching possible terms for your settlement agreement, you should also consider what type of payment would be appropriate. Will payment be made as a lump sum, in a series of payments, or by an annuity? Would some other type of payment be appropriate, such as payment-in-kind? In addition, you should consider the scope of the release you plan to offer — whether it will extend only to known claims or it will be a more comprehensive release. A knowledgeable business law attorney can help you decide how to best research your breach of contract settlement agreement and what the best course of action will be.
Gathering Documentation to Support Your Claims
Once you have researched how to approach your settlement negotiation, gather all applicable contracts, insurance policies, bills, receipts, liens, statements of fees, and costs associated with the breach of contract and potential litigation. Before negotiating a breach of contract settlement in Florida, you will want to have all documents bearing on the value of a settlement agreement in hand. Gather not only the primary contract but also any subcontracts and side agreements. Review your documents with an eye toward settlement and check contracts for any fee-shifting provisions, indemnification clauses, and subrogation agreements.
Engaging in Florida Breach of Contract Settlement Negotiations
Once you have tried talking through the issues and have gathered the information needed to support your claims, you will want to engage in robust settlement negotiations with your counterparty. The hope is that you will be able to agree and settle on terms that both parties can accept. Once agreed, the only thing left to do is memorialize the terms in an enforceable settlement agreement.
An enforceable settlement agreement requires clear terms, mutuality, and a meeting of the minds. If time is an issue, ensure that your attorney can accept an agreement on your behalf. Finally, make sure the agreement includes express provisions addressing confidentiality and negation of liability or fault.
How BrewerLong Can Help When Negotiating a Breach of Contract Settlement in Florida
BrewerLong represents business and commercial clients in breach of contract cases. We routinely litigate these types of cases and guide clients through settlement negotiations. We have the experience necessary to help our clients at all stages of a contract dispute. Our firm emphasizes the importance of client-centered law practice. We have invested our time and energy in our clients and the community that we have served for almost 15 years. We are here to help answer your questions and tailor a contract dispute resolution plan to fit your situation. Call us today or contact us online.