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Good afternoon. Does the contract have a damages clause stated within? I know work has yet to begin but curious if there is a clause in the contract?
Thank you. The seller could sue you for damages suffered. Even though they have yet to start work and install it, they could go after you for the lost profit, which they expected to make, from the sale. They are able to do this because there is a signed contract and prior to entering into it, there is a burden on you, to perform your due diligence, in regard to the cost to run this. The high cost is not a legal defense to back out and if there is no defense, then you would be liable. Of course, you can contact them and explain the situation and hardship and see if they would allow you to walk away but if not, you do want to try and settle with them and see if you would simply have to forfeit your deposit or if they can go after you for more, which should be stated in the contract as well.
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