Specific performance as part of a contract is when someone signs the document and is bound by the terms of the contract stipulations that require certain services performed or accomplished within the bounds of the clauses. The document should have specific language that explains what performance is necessary to satisfy the contractual obligations.
The terms of the contract usually specify what performance the other party should engage in and complete in the time limit provided for service. However, all parties are bound to the contract and all terms each sign to within the legal context of the document. If there is a breach of the contract, a lack of performance or other complications, the individual suffering harm may have a legal remedy against the company or person. One such remedy is through a lawsuit that can provide damages by way of compensation to the other person or entity.
There are certain remedies available if there are issues with the other party not completing specific performance as outlined by the contract based on the language in the document. It is important to remain aware of what the paperwork says and how the clauses can affect both sides. One person or entity will need to provide payment while the other engages in and completes the necessary services. These contracts are usually enforceable in the courts with possible consequences for the party in breach. Any failure to uphold the performance in the agreement and the person or company can face fines, possible contempt of court or even an arrest.
There are breaches that usually occur within a contract agreement if the two parties do not work out the issues early. These breaches can lead to a failure to perform the necessary tasks and end in a lawsuit. The person in breach may need to pay damages to the other party as specified in the contractual stipulations. This failure can incur damages above the amount that the party caused by the other person or entity. The weight of the courts falls behind the contract as well and can hold the party responsible for these damages in a legal context.
It is important for the person or entity to request certain services in the contract language which will explain specific performance necessary to complete the job or tasks. The other party will sign the contract and become liable for any breach of this specific performance. If the other party does not ask for certain services during the creation of the contract, it is possible through amending and resigning or creating a new contract to do so at a later date. However, it is still important to have a lawyer look over these matters and all language contained within the document.
Specific performance remedies may require strategic thinking. It is a large expense to seek a legal resolution to contract breaches and problems within the courts. Hiring a lawyer is important, but if there are solutions to the current problems, the individual may need to consider the situation specifically. Seeking financial compensation for the breach is usually the best route, and if the contractual document is enforceable, it may not require the services of the courts to hold the other party to the terms. The lack of performance complete can require the other party to provide the relevant compensation.
There are times when unexplained problems can arise which will cause a loss of performance. A loss of materials, fires, weather and malfunctions on another end can stop all progress with certain jobs. The contract that requires specific performance may also stipulate how to proceed with these problems which may occur from time to time. The party in violation may not have any ability to provide performance in these situations until the matter clears up. The aggrieved party may need to wait or not request the specific performance until it is possible again. The legal options are often only possible to hold the other party accountable to complete the performance or provide financial compensation.
If there is no current remedy available from the other party in the contract, the aggrieved person or entity may need to hire a lawyer and pursue some legal option. This often starts with communication with the party in violation and ends with a viable resolution.
This article states a very general overview of the law in many states. Florida has some specific laws that can get that ornery seller to the closing table. Call us if your seller is refusing to close, we can help. Ask for Mr. Brown when you call us at (561)838-9595.
Provided by HG.org