The heat this summer was brutal, and next summer probably is not going to be any cooler. Do not try cooling off by going for a swim in one of New Mexico’s beautiful lakes because you might get a brain-eating amoeba. Even when your favorite fruits and vegetables do not disappear from supermarket shelves after testing positive for bacteria that cause foodborne illness, they are still prohibitively expensive. Consumer debt is at an all-time high, and mass layoffs could begin at any time. Then there is that new strain of COVID that is threatening to make us nostalgic for omicron.
Most people would react to all of this bad news by scrolling through their news feeds until they find something even more disturbing, but not entrepreneurs. No, the entrepreneur in you would not try to find a way to capitalize on other people’s misfortune, despite what your stepdaughter might say every time you start talking about your work. The entrepreneur in you would ensure that your business contracts protect you from excessive financial losses in the unlikely event that one of these impending disasters turns out to be as bad as journalists say it will be. A Santa Fe breach of contract lawyer can help you draft a business contract that will account for every possible misfortune that might befall your business agreement.
The More Specific Your Business Contract is, the More Protection You Have
As long as you have a legally valid contract, you have the right to seek damages for breach of contract if the other party does not hold up their end of the agreement. Of course, the more ambiguities and loopholes there are in the contract, the more of a challenge it is to recover compensation. Being specific about the contractual obligations of each party is just the beginning. Your contract should indicate the measures that each party should take to notify the other of a breach of contract and to repair the breach before resorting to dispute resolution procedures. As for the dispute resolution procedures, it is up to you to set the provisions, but “The courts of New Mexico have jurisdiction to rule on disputes arising from this contract” is your best bet.
Force Majeure Events and Contractual Provisions Related to Them
A force majeure event is a disaster beyond the control of the contracting parties; the term is a French phrase that means “superior strength.” If the contract has a force majeure clause, it means that a party that does not perform its contractual obligations because of a force majeure event has not breached the contract. Natural disasters, wars, and pandemics can count as force majeure events. Your contract should be as specific as possible about what counts as a force majeure event, or else there will be room for ambiguity about whether one party breached the contract and the other is entitled to damages because of the breach.
Contact Slate Stern About Breach of Contract Lawsuits
Slate Stern is a business litigation lawyer who represents plaintiffs and helps them get justice after being injured as a result of car, truck, bicycle, and motorcycle accidents. Contact Slate Stern in Santa Fe, New Mexico, or call (505)814-1517 to discuss your case.
Sources
https://law.justia.com/codes/new-mexico/2021/chapter-55/article-2/part-7/section-55-2-725/