Failure To Honor Agreements
A critical component of maintaining business relationships is honoring the many different agreements made between business partners, clients or businesses. When one party of a business agreement does not honor that agreement or contract, it can dramatically impact or affect the other parties to the agreement, including substantial financial losses. Likewise, being charged with failing to honor a business agreement can not only cause serious disruptions to a business, but also have a serious impact on a business’s reputation, something that can affect a company in both the short and long term.
Consequences Of Failure To Honor Agreements
Business agreements dictate virtually all aspects of a business, including the relationships between partners, employees, other companies and even shareholders. When one person does not honor the agreements established between him or her and another party or a person is falsely accused of failing to honor an agreement, the consequences can be drastic. Some of these consequences might involve:
- Monetary losses
- Business failure
- Legal implications
- Business litigation
- Dissolution of partnership
- Dissolution of business
Any of these consequences can be devastating for an individual or for a company, depending on the particular circumstances governing the situation. However, it is important to know that it is possible to take legal action whether a company is facing allegations of failing to honor an agreement or a business has been the victim of another party not honoring an agreement.
Because of the many ramifications that a company can face when another party fails to deliver on their side of an agreement or when another party accuses the company of this, taking legal action in this situation is often necessary. The attorneys at Slater Pugh, Ltd. LLP, have extensive knowledge handling both sides of this issue and can help you protect your interests in such a situation. Call us today to learn more about your situation and legal options.