Do you need to renegotiate your business contracts?

On Behalf of | Jul 27, 2020 | Business Litigation |

With many Ohio businesses struggling, there is a potential tidal wave of business litigation on the horizon. Thousands of companies are finding it impossible to meet the conditions of their contracts.

Let’s look at some hypothetical examples:

  • An Ohio restaurant owner cannot pay the rent due to reduced client numbers.
  • A supplier cannot deliver parts to an Ohio manufacturing plant on time, as the Chinese parts factory has only recently reopened.
  • A local business chain contracted an events company for 30 training days at a discounted price and now needs only five days due to staff layoffs.
  • A local farmer is left with a surplus supply of milk as the cheesemaker she supplied no longer needs the contracted quota, due to reduced demand from restaurants.

If someone has breached a contract with you, take a moment to consider if filing a lawsuit against them is the best course of action. New clients are not easy to come by in many industries at the moment, so loyalty and flexibility can go a long way. Bringing a lawsuit against a struggling business may be enough to tip them over the edge, leaving you without a client to fill their place and the income they bring you.

You do not need to wait until a breach of contract has happened to use a Maumee business attorney’s services. Renegotiating agreements that are still functioning allows you to reduce the risk of a contract breach. By seeking legal help, you can gain a clearer picture of all the available options and their short- and long-term consequences.

FindLaw Network