Waiver of remedy for a breach of contract

Maryland business owners might be interested to learn about special circumstances when a breach of contract does not require a remedy. In general, a party who was involved in a contract that was breached by another party would be entitled to claim remedies for the material breach. However, the aggrieved party may waive its right to receive remedies in some instances. One way that remedies for a breach of contract are waived is through a mutual agreement by both parties to the contract. After the breach occurs, the party making the breach and the aggrieved party may sign an agreement that assures no claim will arise as a result of the breach. A party may also waive its right to remedies for a breach of contract by failing to inform the other party that a breach occurred within a reasonable period of time. In order for the rights to be waived, however, the party would have had to accept the performance of the other party in full knowledge that the performance constituted a breach of contract. If a party alleges that a breach of contract occurred but is not able to identify specifically what caused the breach, the party may waive its right to receive remedies. A breach of an agreement, however minor, can sometimes have a negative financial impact on a company if it is not resolved in the company’s favor. When a business is involved in this type of contract dispute, a business and commercial law attorney may be able to help defend the company’s interests. In some cases, the contract dispute attorney in Fredrick,MD may be able to help facilitate an agreement outside of court that is quicker and more cost effective than litigation. Source: Global Law, “§ 22-701. Breach of contract; material breach.“, October 17, 2014