When business agreements go south, a lot can be at stake. Even big-name companies can suffer damages when another company fails to adhere to the terms of a contract. As a result, these entities may end up embroiled in business litigation in order to reach a conclusion to their disputes.
Florida readers may be interested in a dispute that is currently underway involving Walmart and its former credit card provider, Synchrony. The retail giant claims that the financial service company failed to follow through with an implied agreement, which apparently resulted in Walmart losing the ability to obtain "the fruits of the contract." Details of the legal claim were not readily available in the report as much of the complaint had been redacted.
Synchrony believes that Walmart is attempting to get out of paying fair market value as per the terms of their contract, and the company is also planning to file claims against Walmart. A few months ago, Walmart announced that another credit card company would take over next year in place of Synchrony. The retail company is also hoping that the lawsuit will result in an award of $800 million from Synchrony.
Companies of any size can wind up in situations where business litigation results. As this case shows, substantial amounts of money can sometimes be at stake. If Florida business owners are facing any type of contract issue or other dispute, they may want to make sure to confer with their legal counsel regarding their best options for effectively handling their predicaments.