Although it is imperative for a successful business to have strong underlying contracts under which they operate. Even the most well-negotiated contracts do not guarantee that you will never deal with a party that does not perform as agreed. Depending on the nature of the contract breach (material vs. non-material), you might be entitled to damages.
Prior to awarding damages, a judge/jury must determine there was a breach of contract. The foundation of a breach of contract claim requires a valid and legally enforceable contract. A legally enforceable contract involves two parties which agree to do something (perform or pay, usually) in exchange for something else. An important component of a valid business contract is consideration, which means both parties agree to give and receive something of material value.
Damages
Awarding monetary damages in a breach of contract case is usually the easiest way to make the injured party whole. As in many other types of civil cases, there are several types of damages available in a breach of contract case. General or compensatory damages are designed to put the injured party in the position it would have been in if both parties had performed under the terms of the contract.
Special damages are awarded when the injured party experiences an indirect loss from the breach of contract. This type is not awarded nearly as frequently as compensatory damages. Sometimes, the contract will stipulate the amount of damages an injured party will receive in a breach of contract; these are referred to as liquidated damages.
Rescission of the Contract
If there are no other remedies available to an injured party, the court may simply order rescission. In this situation, both parties are relieved of their obligations under the contract. Both parties to a contract may agree to rescission, or it may be unilateral if one party materially breaches the contract. Fraud is often a precursor to rescission.
Restitution
Think of restitution as a refund of sorts. In certain breach of contract cases, the best way to make the injured party whole is to simply put the party in the position it was in before the contract was made. Restitution is often ordered when the contract is unenforceable or cannot be fulfilled due to impracticability.
Specific Performance
Occasionally, the remedy for a breach of contract is to simply have one side perform his or her obligations under the contract. This is a similar remedy to compensatory damages. The difference here is that monetary compensation would not be sufficient to make the injured party whole. If a party pays another party to deliver a specific type of good that nobody else can deliver, the breaching party might simply be ordered to deliver the product.
Not receiving something as stipulated in a contract your company is under could directly threaten the viability of your business and must be resolved.