There are a number of hurdles that can interrupt business, such as lack of funding or a breach of contract. However, business litigation is another issue that some Miami companies have to deal with. There are a variety of reasons why lawsuits are filed and legal action can have a devastating impact on a business, regardless of the cause. As a result, it is important for any business owner dealing with this issue to make sure they understand their options and the best way to move forward.
After the Miami property was purchased in 2011 for $1.86 million, construction of a mixed-use facility has been interrupted due to litigation. The legal dispute arose due to one party not receiving scheduled funding.
According to court records, those filing suit wish to foreclose on a construction lien. The Miami-based attorney who is representing the party filing the lawsuit was unavailable for comment. The building was going up on N.E. 41st street in the Design District.
Whether there is a confidentiality agreement dispute, disagreements over intellectual property or any other cause for litigation, lawsuits can interfere with regular business operations or even prevent a project from getting off the ground. On top of the stress and frustration that can come with litigation, it can present a significant financial burden as well. Furthermore, some people could have difficulty trying to understand the numerous legal issues that are involved in these cases. Any business owner who is trying to make sense of a similar situation could benefit from talking to a legal professional.
Source: South Florida Business Journal, "Lawsuit stalls Cymbal’s Design District project in Miami," Brian Bandell, Jan. 3, 2014