Louisiana business people often enter formal agreements as part of their transactions. In fact, in most business arrangements, contracts are integral components that are easily customizable and useful to protect the interests of those involved in a particular service, employment or purchase transaction. If one party accuses another party of a breach of contract, however, what was once an amicable business connection may become contentious.
There’s a situation like this currently being dealt with in another state. A developer apparently purchased a vacant building from a city. The contract reportedly included a stipulation that the city would lease back part of the building. The purchase is said to have been contingent upon this clause.
The $600,000 deal supposedly included plans for the developer to convert the old building to new commercial spaces, with private apartment dwellings on the upper levels. The city had reportedly agreed to rent 14,000 square feet of the building. The developer has filed a lawsuit against the city, located in Virginia, alleging that it has not fulfilled its obligations according to the contract.
The developer is seeking to recover more than $3 million in damages. There have been similar breach of contract situations in Louisiana in the past. Obtaining monetary judgement against a party or parties is often more likely when one allows an experienced business and commercial law attorney to act on one’s behalf in court. Contract law is often complex, and aggressive litigation may be needed when one party refuses to adhere to the terms of a particular agreement.
Source: wtvr.com, “Developer files lawsuit against Petersburg for breach of contract“, Wayne Covil, March 9, 2017