There are a lot of jargon terms used in business law and financial matters. If you’re just getting into finance law within the Washington area, then you might have heard the term “equitable relief.”
In business law, equitable relief is any court-ordered resolution to a case, often used outside of legal claims or monetary compensation rulings. With equitable relief rulings, the court is directing a person or party to do something or specifically directing them not to do something.
Courts usually turn to equitable relief in cases of breach of contract, intellectual property theft, or other cases where there might not be a legal remedy.
Equitable relief would be used in cases where typical legal claims don’t provide the parties with enough resolution. For example, breach of contract or intellectual property theft might not be enough for monetary damages in business law.
If a person is found to be breaking the terms of their contract, the court might allow the company to cancel that person’s contract as a form of equitable relief. If a person was being harassed at work, the court might order a restraining order against their harasser.
For equitable relief to be an option in any case, both parties must acknowledge and agree that legal claims wouldn’t solve the issue. Intellectual property theft might not result in loss of money for the company, but the company can still look to issue a gag order as a form of equitable relief.
Equitable relief will look different depending on the details of each case. If you have questions about equitable relief and your case, reach out to a lawyer.