Chicago Business Transactions | Business DisputesBusiness disputes, in the commercial litigation context, happen all the time and get in the way of deal closings or even the operation of the business.  Sometimes business partners realize that a deal they thought was made in heaven is not meant to be and may decide to sever their business relationship.  In other circumstances a regulator, contracting party, or third party may prevent a matter from going forward.

Our Chicago business lawyers have experience in dealing with all types of business contracts and business organizations, helping our clients cope with troubled deals and partnership disputes, and advising them on how, and whether or not to proceed with a particular deal or business venture.  Our business litigation lawyers spend time looking at the business agreement, business organization or business transaction and understanding the risks and also the various legal issues that might arise and remedies that might be available to our clients in order to help resolve a business dispute or ameliorate potential losses to clients.

Business disputes occur for various reasons.  Sometimes a party may want to walk away from a deal because he or she discovered material misstatements in a party’s representations which result in a breach of contract,  breach of fiduciary duty, or even fraud.  Other times events could result in professional liability or events and developments could seriously affect the target’s future prospects.  Examples of these developments are: significant downturn in revenue, the adoption of governmental regulations, a condition precedent to closing (like obtaining a material consent) cannot be satisfied, or one of the parties simply wants out of the deal.  Our attorneys have experience in handling these types of situations and consider whether there is sufficient ground for walking away and, if applicable, also conduct an analysis of remedies available to the client or opposing party and attempt to calculate potential damages by way of a damage analysis.  These considerations often turn to principles of contract law to resolve the contract dispute.

Our Chicago business lawyers have experience in dealing with all types of business disputes, contract disputes helping our clients cope with troubled deals, and advising them on how, and if, to proceed with a deal.
Under basic contract principles, a party would have the right to suspend or terminate its performance under and agreement in the event of a material breach by the other party or the non-fulfillment of a condition precedent to the party’s obligation to perform. Typically, when business disputes arise, agreements can be terminated by:

  • Mutual consent of the parties;
  • By a party, if a material breach of the agreement has been committed by the other party;
  • By a party, if certain conditions for its benefit have not been satisfied by the date specified for the closing or the satisfaction of a condition becomes impossible (other than through the party’s failure to comply with its obligations); or
  • By either party, if the closing has not occurred by a specific date, or such later date as may be agreed to, unless the party seeking to terminate is in material breach of the agreement.

Our corporate attorneys believe in carefully addressing the terms of agreements in order to avoid contract disputes. In cases where business disputes do arise, the terms of the agreement may determine the liability, if any, of the non-terminating party and may even allow a party to walk away from the deal without any further liability. Our business attorneys’ creativity and negotiating abilities enable us to address business disputes with confidence and provide clients with unlimited counsel and guidance.