This office lease form is a standard default remedy clause, providing for the collection of the difference between the rent due and owing under the lease and the rents collected in the event of mitigation.
The Hawaii Default Remedy Clause is a legal provision included in various contracts, ensuring that parties have predetermined remedies in case of a breach or default. This clause is especially common in business contracts, such as lease agreements, loan agreements, or sales contracts, in order to address potential defaults and define the consequences. The primary purpose of the Hawaii Default Remedy Clause is to protect the non-breaching party and provide them with a pre-defined course of action that can be pursued if the other party fails to fulfill their contractual obligations. By including this clause, both parties can have a clear understanding of the consequences of default and the available remedies, enhancing the contract's enforceability and predictability. There are different types of Hawaii Default Remedy Clauses that can be tailored to meet the specific needs of different contracts. Some common types include: 1. Right to Cure: This clause allows the defaulting party a specific period to rectify the breach after receiving notice from the non-breaching party. If the defaulting party successfully cures the breach within this timeframe, the contract continues as originally agreed. 2. Liquidated Damages: This clause stipulates a predetermined amount of damages that the defaulting party must pay to the non-breaching party. These damages serve as compensation for the actual loss suffered due to the breach and are typically based on a reasonable estimate of the potential harm caused by the default. 3. Termination: The termination clause grants the non-breaching party the right to end the contract if the other party defaults. In such cases, the non-breaching party may be entitled to recover damages or pursue legal action to compensate for the losses incurred as a result of the breach. 4. Specific Performance: In certain cases where damages are deemed insufficient to adequately address the breach, a Hawaii Default Remedy Clause may provide for specific performance. This remedy requires the defaulting party to fulfill their contractual obligations as initially agreed, rather than simply compensating for the breach monetarily. It is essential to consult with a knowledgeable attorney when drafting or reviewing contracts involving the Hawaii Default Remedy Clause, as each case may require a tailored approach. Parties should consider their unique circumstances and objectives to ensure that the clause reflects their intentions and protects their interests in case of default.
