A company offering financial services has finally ended its court battle with a currency exchange company, according to local business news. The company had claimed breach of contract after the currency exchange ended the business relationship, allegedly without cause. Florida residents understand how important it is from a business standpoint to ensure contracts are honored in full.
According to the suit, filed on Jan. 22 of this year, the financial services company partnered with the currency exchange company for a variety of services valued at $5,000 per month. The contract was to last three years, beginning in April 2012. The suit claims that the financial services company agreed to defer half of all monthly payments as of Nov. 2012 extending through to July 2013.
By August of the same year, the exchange had begun making full monthly payments plus an additional $2,500 per month to account for the deferred payments. However, the exchange apparently terminated the agreement in November without any cause. The financial services company sued for $89,000 plus 1.5 percent interest, and the matter was settled “without prejudice” on March 31 of this year. The details of the settlement were not made public.
Breach of contract is a serious charge in the business world, as Florida entrepreneurs are well aware. In this instance, it appears cooler heads prevailed, and the issue was brought to a mutually acceptable solution. This is not always the case, however, and it can benefit business owners to seek out additional support in cases where contracts are not honored by those who signed them.
Source: louisanarecord.com, “Financial services company settles breach of contract lawsuit with currency exchange“, Lizzy Fitzsousa New, April 14, 2014