While many business transactions go according to plan, some lead to disputes. Business disputes, also known as commercial disputes, can arise out of a number of situations. The variety of events that can result in a commercial dispute makes it a common issue with which businesses must contend. In this article, we examine common types of commercial disputes.
Breach of Contract
Contracts play an important role in commercial transactions. Due to the importance of contracts in commercial operations, contract breaches are a common cause of commercial disputes. A breach of contract occurs when one party breaks the terms outlined in a legal agreement. There are several types of contract breaches, including minor and material breaches. The degree to which a contract was breached determines the manner in which this type of commercial dispute is settled. Remedies for breach of contract include compensatory damages, liquidated damages, specific performance, and rescission.
Intellectual Property Infringement
Intellectual property is a type of property that includes intangible creations of the human mind. Intellectual property rights are foundational to the financial success of many businesses. Thus, intellectual property infringement is a common source of contention in the business world. Intellectual property infringement may involve things like patents, trademarks, copyrights, and trade secrets.
Breach of Fiduciary Duty
A third common type of commercial dispute is breach of fiduciary duty. A fiduciary relationship is one that involves responsibility or trust. There are several fiduciary duties that are common in commercial settings, including the duty to maintain confidentiality, the duty to act in good faith, and the duty to fully disclose information. A breach of fiduciary duty can encompass many activities, but at the core of such a breach is one party’s failure to live up to the duties and responsibilities that he or she is contractually or legally obligated to perform.
A corporate dispute can encompass several different legal disputes that corporations may face. Often, such disputes lead to litigation. Common types of corporate litigation include challenges to mergers, acquisitions, and financing arrangements.
Finally, tortious interference is a common law tort that allows a claim for damages against a party who wrongfully interferes with a contractual or business relationship. In order for such a claim to succeed, the interference must have resulted in damages to the plaintiff in the case.
Contact a Georgia Business Litigation Lawyer
If you need assistance with a commercial dispute in Georgia, you should contact an experienced Georgia business litigation attorney. At Griffin Durham Tanner & Clarkson, our experienced business litigation attorneys have years of experience assisting clients with common types of commercial disputes. When you come to us for help with your commercial dispute, we will do everything possible to ensure that your case has a successful outcome. Please contact us today to schedule a free consultation with one of our experienced commercial dispute attorneys.