A contract requires that both parties perform specific acts. When a contract is broken, fixing the problem is not as simple as making a monetary payment. In New York, there are certain situations when it’s more worthwhile to seek a remedy known as specific performance.
What specific performance means
Specific performance is a condition that allows one party to compensate another by performing specific duties. This performance is provided in place of a traditional judgement or settlement. The duties that they must perform are often outlined in the original contract that they failed to abide by.
When this remedy is necessary
Specific performance is beneficial for contracts where a highly skilled professional is needed to complete a project. An engineer who backs out of a contract may be forced to finish completing a construction project, for example. Otherwise, the company will spend more time and resources in trying to find an equally qualified professional.
Some disputes over contracts involve the exchange of personal property. In a specific performance case, a seller who takes property from a buyer may be forced to return it. This is necessary if the property is so rare and unique that it cannot be bought anywhere else.
It is sometimes the fastest and most effective solution?
It’s not always beneficial for individuals and business owners to seek money when filing lawsuits in court. Many plaintiffs have strict budgets and deadlines, and suing someone in court only adds further delays to their projects. For some plaintiffs, forcing the defendant to perform specific duties is the best form of recourse they can receive.