Damages Available In Commercial Cases
When you file a commercial lawsuit, you may be entitled to several different forms of damages. Depending upon the specific facts of your case, you could be eligible to receive monetary or money damages, consequential damages, and even punitive damages in certain cases. Litigation damages are rare but attorney fees may be recoverable.
Litigation and loan collection are difficult legal areas to navigate. So the help of an experienced legal professional can make the difference when it comes to filing a successful lawsuit. Some of the most important qualities to look for in a litigation lawyer include:
- advanced technological implementation
- personalized attention
A law firm that implements advanced technology is at the cutting edge of practice with streamlined equipment and a secure, cloud-based system. Technology plays a large role in the modern legal practice. Therefore, it is important to find a firm that offers every technological advantage to build your case.
Personalized attention is another crucial component of finding a commercial litigation lawyer who can not only build a strong case but maintain a strong relationship of trust. You deserve individualized attention and to have your needs considered when going through the litigation process. Availability and responsiveness are also essential qualities to look for in a litigation attorney. Knowing that your Newark commercial litigation attorney is always there when you need him or her relieves stress. But more importantly, it can help you remain confident throughout the litigation process. Whether you are collecting on a debt owed as an individual or behalf of a business, your lawyer should be available to handle all stages of the debt-enforcement matters and represent your interests in the collections process.
Debt collection assistance
There are various services available to national creditors throughout the state of New Jersey. Disputes under the Uniform Commercial Code, New Jersey consumer credit law or the law of common contracts are often confusing and difficult to deal with. A litigation attorney may be able to help manage your collections attempts. He may also be able to assist you in past-due loan recovery and construction liens. Real estate transactions are another matter in which you may benefit from legal assistance if you are buying or selling real estate. From documentation to closing transaction review and dispute management, it is important to have knowledgeable representation on your side. You may also seek assistance with banking law, which is another often complex area of litigation.
If you have received a forged check or a check missing endorsements, there are various ways a lawyer may be able to help you recover the funds owed to you. A lawyer with extensive experience in banking law may be able to help you navigate the complex matter of negotiable instruments as well. These matters may involve highly technical industry rules and regulations that are difficult to understand without professional expertise. Working with a law firm may be preferable to pursuing your compensation through a collections agency. This is because such agencies only have the ability to demand payment from the debtor. Through proper legal representation, you may be able to file a lawsuit and take failed collections attempts to court to receive a judgment. This type of strategy often leads to a higher success rate than traditional methods of debt collection.
Types of damages
In any civil action, the plaintiff alleges that the defendant committed some wrong or harmed them in some way. They then claim the remedy for this wrong is either equitable relief or money damages. Money damages compensate the injured party for money or time that they lost because of the defendant’s actions or inactions. These are also known as compensatory damages. In most civil actions, lost profits, costs, and other financial losses are repaid in the form of money.
When one company or party can reasonably be said to have anticipated that their actions or inactions would harm another individual or company, decrease the value of a property, or in some other way cause them financial harm, they can sue for consequential damages.
Finally, a company may sue for punitive damages. Punitive damages are allotted to a plaintiff when another business party’s conduct is either intentionally fraudulent, deceptive, or otherwise wrongful. Since a plaintiff, in this case, is claiming the conduct was intentional, punitive damages are not available in negligence actions or breach of contract actions. Additionally, punitive damages are not meant to compensate the company wronged but to punish the company who did the wronging.
Litigation damages related to attorneys’ fees are generally not available in most commercial lawsuits. If, however, both parties agree beforehand to compensate the other in a contract, costs related to attorneys fees can be recovered. A plaintiff may recover legal damages in a consumer fraud lawsuit, however.
Of the two ways to remedy a business contract that has gone awry, seeking equitable relief is the least aggressive. It is a non-monetary remedy awarded by the court to a plaintiff. The court will compel a defendant to do some action that was either agreed to in a contract or otherwise implied by the terms of the contract.
The process for recovering equitable damages is different from recovering money damages. Equitable damages can only be awarded by a judge, not a jury. A judge has significant power to compel a defendant to provide equitable relief in a business relationship. Additionally, a judge can rescind, reform, or rewrite a contract such that it is equitable to the party that is alleging damages.
Snellings Law provides top-quality representation to New Jersey businesses seeking litigation damages against parties they feel have defrauded, wronged, or otherwise failed to hold up their end of a bargain.
Contact a New Jersey commercial litigation lawyer
If you are in need of a commercial litigation attorney to take legal action against debtors who failed to pay, contact Snellings Law, LLC today for a consultation. When debtors refuse to pay and traditional methods of collection have no effect, legal action may be the only option. A litigation attorney generally has more authority than a collections agency. He may be able to assist you in filing a lawsuit to collect the funds to which you are entitled. Managing a collections case on your own can be a long and difficult process. However, taking a debtor to court is often a far more expedient strategy. An experienced Newark commercial litigation attorney may act on your behalf to file a lawsuit. He may also speak with debtors and their legal representation on your behalf, and generally simplify the loan collection process.
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