Turn a Loss into a Win
In Oklahoma as elsewhere, consequential damages in a construction contracts refer to the indirect or secondary losses that arise from a breach of the contract by one party, which are not necessarily a direct result of the breach but arise because of it. These types of damages can include, but are not limited to, lost profits, lost business opportunities, delays, increased construction costs, loss of use, and loss of reputation. A Tulsa construction attorney can help you avoid these losses!
For example, if a contractor fails to complete a project on time due to a breach of contract, the owner may suffer consequential damages such as lost revenue from the delayed project or lost business opportunities as a result of the delay. Other examples, of consequential damages may include the cost of replacing defective work, the cost of delay in completing the project, or other similar losses.
Beyond the Realm of Foreseeability
It is important to note that consequential damages must be foreseeable and must be explicitly included in the contract for the injured party to recover them in the event of a breach. What this means is that if a situation occurs that is far beyond the realm of foreseeability the offending parties may be shielded from liability. Additionally, consequential damages may be limited or excluded in the contract, depending on the specific terms of the agreement.
It is also worth noting that different jurisdictions in Oklahoma, and within the Tulsa area, may have different laws and regulations regarding consequential damages, so it is important to consult with legal counsel for specific guidance.
Get Expert Help Now From a Tulsa Construction Attorney
Don’t let a breach of contract turn into a loss for your business. Consult with a Tulsa construction attorney to learn how to avoid consequential damages and protect your interests. Contact us today at 918-770-9330 for expert legal guidance on your construction contracts.
