In order for a business to grow and prosper in this economy, businesses routinely have to borrow money, typically in the form of loans. However, there are times when a business may be unable to repay its loan and a contract dispute might arise.
Louisiana residents and business owners may find it interesting to learn that a contractor recently filed a lawsuit against a construction firm for failure to pay back a loan. The contractor, KMT Painting and Decorating, alleges in its lawsuit,that it entered into an oral agreement with Inman Construction Services wherein KMT would give ICS about $30,000 in the form of a loan. KMT's lawsuit was filed in the Orleans Parish Civil District in early December, 2013