What are the remedies available for breach of contract in international business?

When a contract is breached in international business, the remedies available depend on the nature of the breach. Generally speaking, when a contract is breached, the non-breaching party has a few options to seek redress. One option is a court order for specific performance, which requires the breaching party to fulfill their obligations of the contract. This is usually reserved for contracts in which a unique item or service is being provided, so damages would be an inadequate remedy. If damages are thought to be a sufficient remedy, the non-breaching party can seek a court order for compensatory damages. These damages are meant to reimburse the non-breaching party for any losses or costs associated with the breach of contract. The non-breaching party may also be able to recover consequential damages, which compensate for any losses not directly caused by the breach of contract but are instead a result of the breach. This is most applicable in cases where the non-breaching party would have not only experienced a direct loss but also an indirect one as a result of the breach. Finally, in cases where the breaching party is in bad faith or otherwise acting maliciously, the non-breaching party may potentially be awarded punitive damages, which are intended to punish the breaching party for their actions. Overall, the remedies available for breach of contract in international business depend on the nature of the breach and the laws of the respective countries or governing bodies. However, the general remedies outlined above are typically the most common.

What are the remedies available for breach of contract in international business?

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