M
Mark McNally
Guest
My condominium currently has an unfavorable contract with a vendor that expires in 5 years. The vendor has performed all the necessary parts of the contract (providing washing machines / dryers); however, my condominium now wants to outright purchase the washing machines, thus eliminating the need for the service.
With 5 years left in the contract, can it be terminated by my condominium? The contract does not call for any early termination fee; however, it does state the vendor can take the necessary "remedies under the law".
Given there are 5 years left on the contract and the vendor makes approximately $5,000 annually, is the vendor entitled to $25,000 if we break the contract. Is there a general rule of accepted percentage of future earnings lost that is paid out when a contract is broken?
Thank you and I look forward to your response.
Mark
With 5 years left in the contract, can it be terminated by my condominium? The contract does not call for any early termination fee; however, it does state the vendor can take the necessary "remedies under the law".
Given there are 5 years left on the contract and the vendor makes approximately $5,000 annually, is the vendor entitled to $25,000 if we break the contract. Is there a general rule of accepted percentage of future earnings lost that is paid out when a contract is broken?
Thank you and I look forward to your response.
Mark