Business owners put a lot of time, effort, and financial risk into their businesses, so when a situation arises that requires legal intervention, a business dispute lawyer in Chicago, IL from Patterson Law Firm knows how daunting and difficult that can be.
If you and your company are facing this situation, it is in your best interest to contact an attorney with experience in business disputes. Call Patterson Law Firm today for more information and to speak with a qualified attorney.
Four Actions To Take When a Business Seller Breaches an Agreement
Buying a business can be an involved and arduous process, especially if you have never done so before. There are many factors involved, as you are purchasing not only real estate but other items such as inventory, machinery and company vehicles. There can be many advantages to buying a business; however, when the seller does not cooperate or abide by your purchase agreement, you may become frustrated unsure of which steps to take next. Fortunately, there are a few actions you can take to protect your investment and the future of your new business.
Review the Purchasing Contract
If a seller tries to back out of any agreement, review your purchasing contract. Some sellers may give themselves the option to walk away, so it is important to double check what you have signed thus far. If the seller has not included such a clause, you can then move on and consider legal action.
Call for Arbitration
If you cannot work out a dispute with the seller of your business, then consider calling for arbitration. This legal proceeding is different from an actual court case. In arbitration, you sit down with the other party, your lawyers and an arbitrator. In some cases, there may be a panel of arbitrators that review the case and help both parties come to an agreement. However, the business seller must agree to participate and if he or she does not, you may have to opt for litigation.
Contact a Business Dispute Lawyer in Chicago, IL
If the seller of your business refuses any further cooperation, then you may have no choice but to sue. Contacting an experienced business dispute lawyer in Chicago, IL may give you a winning edge. Many initial consultations are free of charge so you can gauge whether litigation is the best option without much risk. Remember to bring copies of the contract and other written agreements for the attorney to review.
Have the Papers Served
You can notify the seller about your intent to sue by registered letter. If you do not wish to communicate directly with the seller, your Chicago, IL business dispute lawyer can field any replies. If the seller replies with a countersuit, your lawyer will likely need further information about the history of the sale. Your lawyer may want to know whether any verbal agreements were made.
Buying a business can become a tangled web of frustration when the seller refuses to honor a contract. Call a business dispute lawyer in Chicago, IL from Patterson Law Firm today for more information about how to protect your rights and investments.