A breach of contract suit has been filed against a local Colorado cabinetmaking company and its individual owners by a Pennsylvania finance company. The finance company alleges that the cabinetmaker owes it $140,000 in unpaid payments on a finance agreement entered into in 2012, pursuant to which the finance company advanced funds to enable the cabinet maker to acquire a machine saw.
In addition to the $140,000 that the finance company alleges it is owed, the company is also asking for interest, litigation costs, attorney’s fees and repossession of the equipment.
Under the terms of the contract, the defendants allegedly agreed to make regular monthly installment payments of $2,671.43 plus tax. According to the plaintiff, a total of only eight monthly payments were made before the defendants defaulted, leaving 52 remaining unpaid monthly payments.
Colorado business owners are often faced with the prospect of a lawsuit, whether from creditors or concerning employment disputes and controversies. When a lawsuit does arise, a Colorado business and commercial law attorney may be able to provide a business owner with litigation and negotiation advice and counsel. Such an attorney may also be able to be helpful to people about to start a business and provide them with advice as to the particular entity to use, in order to shield prospective owners from any personal liability that may arise from future legal actions. Legal representation by an attorney who specializes in the field of business law may also be helpful when dealing with mergers and acquisitions , venture capital deals, employment law, contract disputes, commercial real estate transactions, non-compete agreements and severance agreements.
Source: Pennsylvania Record, “Chester County company seeks $140K-plus in breach of contract claim against Colorado business“, Jon Campisi, September 11, 2013