Understanding The Types Of Damages Available In Commercial Litigation Cases – Jeremy Schulman
Commercial litigation cases involve disputes between businesses or individuals in a business context. These disputes can be complex, resulting in significant financial losses for one or both parties involved. The legal system provides additional damages that a party can seek in a commercial litigation case to compensate for these losses. Understanding these damages is essential for both plaintiffs and Jeremy Schulman defendants.
● Compensatory Damages:
Compensatory damages are the most common damages awarded in commercial litigation cases. These damages compensate the plaintiff for the actual financial losses from the defendant’s actions. Compensatory damages can include lost profits, damage to property, and costs associated with fixing the damage caused by the defendant’s actions. These damages are intended to make the plaintiff “whole” by putting them in the same financial position they would have had if the defendant had not caused the harm.
● Punitive Damages:
Punitive damages are awarded to punish the defendant for particularly egregious conduct. These damages are not designed to compensate the plaintiff but to deter the defendant and others from engaging in similar behavior. Punitive damages are only awarded in cases where the defendant’s conduct was intentional or grossly negligent.
● Liquidated Damages:
Liquidated damages are damages that are specified in a contract. When parties enter into a contract, they may agree on a set amount of damages that will be paid if one party breaches the contract. The purpose of liquidated damages is to provide a predetermined measure of damages in case of a breach of contract.
● Nominal Damages:
Nominal damages are awarded when the plaintiff has suffered a loss, but the loss is so tiny that compensatory damages are inappropriate. For example, if a defendant violates a plaintiff’s rights but causes no actual harm, the plaintiff may be awarded nominal damages.
Commercial litigation cases can be complex, and it’s essential to have the help of an experienced attorney. A commercial litigation attorney, Jeremy Schulman, can provide invaluable guidance and representation to plaintiffs and defendants. With a deep understanding of the types of damages available, an attorney like Jeremy Schulman can help clients navigate the legal system and achieve the best possible outcome.