Businesses in Colorado and elsewhere rely on contracts in order to keep things running. Contracts with employees, partners, investors, other companies and even consumers all have their place. What happens, though, when contracts are broken? What can the offended party do to fix the situation?
Recently, a business in another state filed legal claims against an investment firm that failed to uphold its end of their contract. Hopewell-Pilot Project LLC filed a breach of contract claim against EnSource Investments after EnSource failed to make its final installment of a three-payment bridge loan. Why the payment -- which was set at $100,000 -- was refused has not been reported.
Hopewell-Pilot Project is seeking damages, legal fees, interest and any other forms of relief to which it may be entitled. This case was filed in court Feb. 9. It is has not been reported when this case is expected to go to trial or if EnSource has responded to these claims.
Colorado business owners who enter contracts with others in an effort to help their companies expect the other parties to fulfill their contractual obligations. When this does not happen, legal actions can be taken, just like in the Hopewell-Pilot/EnSource case. Litigating breach of contract claims can be both challenging and time consuming, but certainly worthwhile if successful. Those who are dealing with breach of contract issues can retain legal counsel who will be able to review their cases and -- if it is deemed appropriate -- file legal actions in court in an effort to seek maximum compensation for any resulting losses.
Source: setexasrecord.com, "Houston business accuses investment company of breach of contract", Noddy A. Fernandez, March 2, 2017