penalties for breach
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Often times businesses and lawyers only focus on the terms of the contract in light of each party putting forth their best efforts. They fail to consider what happens in the event of breach. When I took contracts in law school, my professor hammered the point that lawyers should contemplate breach of contract in every case.
What type of information would you provide to you company's lawyer in regard to penalties for breach? Should breach terminate the entire contract or could there be monetary penalties, etc?
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Solution Summary
Often times businesses and lawyers only focus on the terms of the contract in light of each party putting forth their best efforts. They fail to consider what happens in the event of breach. When I took contracts in law school, my professor hammered the point that lawyers should contemplate breach of contract in every case.
What type of information would you provide to you company's lawyer in regard to penalties for breach? Should breach terminate the entire contract or could there be monetary penalties, etc?
Solution Preview
Penalties for breach should include fees to compensate the party who is breached for the trouble that the breach has caused, so in a way these would be compensatory damages ...
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