As a business owner, one of the things you have to do is to work with third parties. To protect yourself, you always need to have contracts in place.
When a contract is breached, you may feel like you're stuck in a difficult position. On one hand, you can take the other party to arbitration or court, depending on the requirements of the contract. On the other hand, you may still want to keep a positive business relationship with the other party.
Contracts are a type of agreement that both single individuals and business entities enter into. It generally details what particular product or service is being offered and what type of compensation is being paid for whatever item is provided or action that's being carried out. If the terms of the contract aren't carried out, then it's often said that a breach of it has occurred.
Media outlets in Louisiana and around the country ran stories in 2018 about a series of rooftop fires at Walmart stores. The fires have been blamed on faulty solar panels supplied and installed by Tesla, and Walmart has responded by filing a breach of contract lawsuit against the Palo Alto-based electric car manufacturer. The lawsuit accuses Tesla of systemic negligence and failing to adhere to generally accepted industry safety standards.
Many Louisiana towns and parishes struggle with wastewater treatment and disposal, especially given the number of protected marsh areas. Residents and businesses are deeply involved in the debate over one controversial approach, and both sides argue that scientific evidence supports their position. The treatment in question is called wastewater assimilation, and the outcome of the dispute in Hammond could affect not only how wastewater is treated across the state but how companies do business as contractors with government agencies.
Louisiana entrepreneurs should fully understand all the business contracts they are expected to sign when entering into contractual relationships. It's wise to strongly consider the type of business relationship -- whether it's with a family member or some other entity. One should also make sure that the business contract includes terms that protect their interests.