This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
New York 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
There are two general categories of remedies?legal and equitable. In the category of legal remedies are damagesMoney paid by one party to another to satisfy a liability..
Hear this out loud PauseEach right, remedy and power hereby granted to the Beneficiaries or allowed it by applicable law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Beneficiaries at any time or from time to time.
A limitation of damages clause is a contractual agreement where parties either exclude or limit the availability of damages that statutory law otherwise entitles them to.
Hear this out loud PauseGeneral 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.
Damages, injunctions, and specific performance are some examples of legal remedies. Some of the most common types of legal remedies or damages in contract law are compensatory remedies, punitive remedies, consequential remedies, and expectation remedies.
Hear this out loud PauseFor example, a clause in a purchase agreement for a computer limiting damages to $1.00 would effectively deprive the buyer of any adequate remedy.
Hear this out loud PauseOften, 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.
In many agreements, you may find a clause labeled ?limitation of remedy.? This clause is largely similar to a limitation of liability clause in that it controls how much responsibility a company has under a contract. Often, however, the limitation of remedy clauses limits the types of remedies you can pursue.
