This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
Montana Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
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How to fill out Limitation Of Remedies, Election Of Remedies, And The Cumulative Remedies Provision?
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FAQ
In Quebec contract law, Article 1590 of the Civil Code of Quebec generally sets out the remedies that a non-breaching party can invoke, namely (1) the right to demand specific performance, (2) the right to terminate the contract or reduce the non-breaching party's correlative obligation, and (3) the right to take any ...
Often, however, the limitation of remedy clauses limits the types of remedies you can pursue. Remedies for contract breach include monetary damages, attorney's fees and costs, cure first provision, binding arbitration, and injunctive relief.
Contracting parties often include in their written agreement provisions on remedies for breach of the contract. A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief.
Remedies are intended to make the nonbreaching party whole. The two categories of remedies for breach of contract are legal and equitable. In the legal category are damages; in the equitable category are specific performance, injunctions, and restitution.
An example of a legal remedy in contract law is compensatory damages. Compensatory damages are intended to compensate the non-breaching party for their actual losses. This may include damages for lost wages, medical bills, or property damage. Compensatory damages may also include emotional distress damages.
Also known as exemption, disclaimer, or limitation clauses, they are, as a general guide, any term which purports to restrict, modify or exclude a remedy or liability arising out of a breach; or which appears to exclude or restrict a liability or duty that would otherwise arise.
General Contract Clauses: Cumulative Remedies (with Exclusive Remedies Carve-Out) A Standard Clause stating the parties' intention to express rights and remedies set out in the agreement are cumulative and in addition to any other rights or remedies provided by law or equity, and not in substitution for them.
The Company acknowledges that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.
