Damages and Economic Loss
In terms of your business, recovering damages and economic losses is about restoring the balance — as much as possible through financial means.
Gerry Rea Partners specifically handles situations in which breach of contract have adversely affected your business. We will learn about the specifics of your situation to determine how we can help.
Generally speaking: to seek damages or to recover losses for your business, you must have taken steps to minimise risk; and you cannot seek recovery if the losses could have reasonably been avoided.
The calculation of loss often requires the assessment of two scenarios: where the business would be without the breach of contract, and how things are expected to happen going forward. Thus, the loss is the difference between what would have happened and what is expected to happen.
Contract damages must be specific and quantifiable. Losses to be recovered must have been foreseeable by the parties at the time the contract was entered into.
In claims of Tort (wrongdoing), the losses must be reasonably foreseeable as a consequence of the wrongful action.
If you would like to discuss your particular situation, please book a free consultation with us by calling 0800 343 343.