When entering into a contract, both parties assume certain responsibilities and agree to perform certain actions. However, there are times when one party fails to uphold their end of the bargain. When this happens, there are several remedies that can be pursued to remedy the situation.

1. Liquidated Damages: This is a common remedy included in contracts. It is a predetermined amount of damages that the non-performing party agrees to pay if they fail to meet their obligations. The amount of liquidated damages must be reasonable and related to the potential harm caused by the non-performance.

2. Specific Performance: If the non-performing party cannot be adequately compensated through monetary damages, the next remedy is specific performance. This remedy requires the party to fulfill their obligations as stated in the contract.

3. Termination: If the non-performance is significant enough, termination of the contract may be the best option. This allows the injured party to end the contract and seek compensation for any losses incurred.

4. Rescission: Rescission is a remedy that cancels the contract and returns both parties to their original position before the contract was signed. This remedy is often used when one party entered into the contract based on fraudulent or misleading information.

5. Damages: If the non-performance results in financial harm to the injured party, they can seek damages. These damages can include compensatory damages (to cover losses incurred), consequential damages (for lost profits and other indirect losses), and punitive damages (to punish the non-performing party for their actions).

In conclusion, there are several remedies available when one party fails to perform their obligations under a contract. Depending on the situation, liquidated damages, specific performance, termination, rescission, or damages may be the best course of action. It`s important to carefully consider the circumstances and consult with legal counsel before pursuing any remedies.