Each industry has its share of unique challenges, though they share some commonalities. Thorough contracts are imperative. Business deals and employees must be managed legally. Those involved must maintain trade secrets accordingly.
Unfortunately, contracting services can sometimes lead to disputes. A recent settlement our firm obtained for one of our clients shows the consequences that can result from a breach of contract.
Key factors involved with our client’s recent victory
Tralongo provides business support through its nationwide dental service organization. Their program of guidance, assistance and training equips dentists to increase their earnings and the number of clinics they own. When a dentist accomplishes their goals, they have the option to sell their practice to Tralongo.
Our client recently recovered more than $1.6 million in damages for a lawsuit they filed against a former member of their organization.
Of note in this case:
- Tralongo’s program helped the dentist triple their revenue
- The dentist allegedly breached their contract with the service organization
- Litigation continued for three years
- The court who heard the case awarded the full amount of damages sought
- Tralongo’s interest and legal fees, expected to exceed $300,000, were also ordered to be paid by the dentist
Though this particular case involved a dentist, a breach of contract could factor into virtually all industries.
Regardless of the type of contract involved, both parties must abide by the terms to which they agreed. As evidenced by our recent court victory for Tralongo, you have the right to hold others accountable for unlawfully violating your agreement. When a breach of contract results in financial loss, recourse may be available.