You may be entitled to seek compensation if you’ve been harmed or have suffered losses as a result of wrong commitments.
However, these two aspects must be satisfied to make a successful claim:
- Causation: You suffered harm such as injury, economic losses, or other sufferings because of the wrongdoing of your business partner.
- Valuation: This is the process of demonstrating the value of your injuries or damages.
Here’s a complete guide on what to do if you suspect foul play from your business partner.
Claiming Your Loss
You’ll have to claim your losses legally and hold your business partner accountable to compensate for the loss they’ve done. You’ll have to submit an application stating:
- The name of your partner
- The date when you entered in a contract
- The details of the agreement
- What wrong have they done
- The damage you have to face because of their actions
- Any documents that you’ve exchanged with them other than the contract
Once you’ve made a claim, you’re required to provide evidence for everything you’ve blamed your partner for. All the essential documents, including your bank statements and other material needed, must be submitted for evaluation.
Notifying the Business Partner
After evaluating and closely accessing your proofs, a legal notice is sent to your business partner, informing them of the claims you’ve made against them. They are asked to be present in court with the required documents and clarification from their side.
Court Assessment Is Set Out
A court hearing is scheduled where the accused defends themselves against your claims while your lawyer tries to get the compensation for the loss you’ve faced because of your business partner’s negligence and misleading commitments. The case is presented to the judge, who listens to both the parties and gives their final verdict.
Compensation Is Given Out
Once the trial ends and the decision is made in your favor, you’re reimbursed for the damages. Your business partner at this point has the right to make negotiations and mitigate the compensation as much as possible.
If you’re looking for legal advice on dealing with such business partners, work with the best lawyers at Nanda and Associate Lawyers Professional Corporation. We strive to provide you with the best legal advice for your civil litigation, divorce, personal injury, and real estate matters.
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Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.