My question involves business law in the state of: Florida
I'm new to the site and wanted to thank all advance that attempt to assist with the following issue:
Company - Large Fortune 500 Institution
Approved Vendor - LLC
My Company - LLC
I am a small business owner. In order for me to obtain a contract with a Fortune 500 company, I had to go through an "Approved Vendor" for the company. Basically, I provided all services, personnel, training, etc, however the contract was between the Approved vendor and the Company, and my firm was the sub-contractor with a contract with the Approved vendor.
The contractual agreement I had with the Approved vendor was to receive 85% of the gross revenue from payments from the Company to the Approved vendor within 24hrs. All went well, and we received payments on time from the Approved vendor until they had enough capital to run the operation on their own.
When the revenues reached about 200k, the Approved Vendor terminated our contract, and we have not heard from them since. As of the termination date, the Approved vendor owes my company a total of $450,000+ in services already performed. I know for certain that the Approved Vendor received about $200,000 last week, as it was confirmed by the Fortune 500 Company. The office does not answer our calls, and the President will not answer either. They refuse to respond to emails. Do they really think they can walk away with all that money?
I have already retained legal council, however from the looks of it, the only way we will be paid our monies due, is if the Approved Vendor decides itís in their best interest to pay. If they donít, no one goes to jail if Iím not mistaken,
My company is small. My brother and I are the only owners. We had over 120 employees, however lost all of them when the Approved Vendor took over our operation.
They worst part is, I put everything into this. My retirement, 401k, I mean everything. The summer is the busy period in our business, and right about now as the large invoices are being paid by the fortune 500 company, we would have been very well off. I'm still fairly young (mid 20's) so I have time to rebound, but man this hurts. I have nothing left.
And advice would be greatly appreciated.
FYI, out attorney states our contract is very straight forward and strong and there is no legal bearing for the Approved Vendor to keep the money we are owed. The termination of the contract can be agued either way, however the monies due are the monies due.