A business contract between two or more parties in Florida and elsewhere may include terms that depict how to handle a variety of potential future scenarios. One such provision could pertain to a buyout agreement should one party wish to end the arrangement prior to the agreed upon date, and should either party violate the terms of such an agreement, intense conflict may ensue. A leading university in another state has reportedly filed a breach of contract lawsuit against its former athletic director, claiming he violated the terms of his buyout agreement.
According to reports, the man began working as athletic director for the university after signing a five year contract in 2015. Nearly one year later, he reportedly received another offer to become athletic director as Georgia Tech. Since there were still several years remaining on his prior contract, he reportedly negotiated an agreement to buy out his contract over time so he could accept the offer.
Officials from Oregon State University assert that the man initially owed the school just over $2 million and say that he has already paid off nearly 30% of the amount. However, the school says that he recently stopped making his payments. Oregon State has reportedly filed a lawsuit accusing him of breaching the terms of his contract and is seeking an unspecified amount in restitution.
Those who feel that a breach of contract has taken place may wish to take every possible measure to protect their legal rights and business interests. Since such matters can be complex in nature, those who encounter such disputes could benefit from retaining the services of an attorney early on for guidance in making informed choices about their situation. An attorney can examine the circumstances a client in Florida is facing and assist in developing a strategy to pursue the best outcome achievable through the necessary channels.