Business Litigation FAQs
Litigation is a major threat that concerns business owners. Various negative outcomes may result from being sued, including financial losses and lost productivity. Even the closure of a firm due to financial ruin or a defendant’s personal breakdown are potential outcomes of litigation.
FAQ About Business Litigation
1. Does a quote or cost estimate initiate a legal business contract?
A quote or cost estimate does not constitute the formation of a business contract. A cost estimate is a rough calculation of how much a certain project will cost. Formal statements and contracts of work should be drafted with cost estimates as their foundation. It is important to include in your cost estimate the fact that prices may vary if the scope of the job changes or if unforeseen complications develop. You should also include a disclaimer on cost estimates for prospective clients that specifies the duration of the indicated price. This may save you from having to defend yourself in court if a customer with an old estimate comes back expecting you to do the job for a lower fee.
2. Do non-business owners ever need a business litigation attorney?
Yes, there are many instances when non-business owners need a litigation attorney. Subcontractors and general contractors often end up in litigation when a third party is involved, such as a homeowner.
3. What causes business litigation?
Litigation in the business world often begins with a claim that one party did not live up to their end of a contract. Many of these disputes might have been avoided if only the contracts involved were more transparent and comprehensive. Litigation disputes may arise between a person and a company, between two companies, or between multiple individual people and one or more companies.
4. When is a business litigation attorney needed?
In the event of litigation, it is extremely important to have experienced business litigation attorneys analyze any contracts you draft or sign. This type of attorney has in-depth knowledge relating to the field of litigation, including admissible evidence, arbitration, compensatory damages, money judgments, rebuttals, stipulated judgments, and more. Contact Fortis LLP today to learn more about litigation.
DISCLAIMER: This blog is intended solely for educational purposes and contains only general information. It should not be construed as legal advice and should not be treated as such. You must not rely on any information contained herein as an alternative to legal advice from your attorney or from other professional legal service providers. If you have any specific questions, you are welcomed to retain an attorney from Fortis LLP or seek legal advice from another attorney of your choosing.