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 Oregon Default Remedy Clause, also known as the Default Clause or Remedies Clause, is a legal provision that outlines the specific remedies available to a non-breaching party when the other party fails to perform its contractual obligations in the state of Oregon. It serves as a safeguard to ensure that parties can seek appropriate relief when the terms of a contract are violated. One type of Oregon Default Remedy Clause is the Liquidated Damages Clause. This clause allows parties to agree in advance on the amount of damages that will be payable if there is a breach of contract. The predetermined sum serves as compensation for the non-breaching party and saves them from the hassle of proving actual damages suffered. Another type is the Specific Performance Clause. When this clause is included in a contract, it allows the non-breaching party to demand the breaching party to fulfill their obligations as specified in the agreement. This remedy is common in cases where the subject of the contract is unique or where monetary compensation would not adequately compensate the non-breaching party. In some cases, the Oregon Default Remedy Clause may grant the option of Rescission. This means that the contract is declared void, and both parties are released from their obligations. This remedy is often utilized in situations where the contract was formed based on fraudulent misrepresentation or a mistake. In addition, the clause may include the option of Reformation. This allows the court to rewrite certain terms of the contract to reflect the original intentions of the parties. Reformation is typically exercised when a contract contains ambiguous or contradictory clauses, rendering the original agreement unenforceable. One must also consider the Availability of Attorneys' Fees in the Oregon Default Remedy Clause. In certain cases, the prevailing party may be entitled to reimbursement for the legal fees incurred in enforcing the contract or defending against a breach. This provision serves as an incentive for parties to honor their contractual obligations and discourages frivolous litigation. Overall, the Oregon Default Remedy Clause is a vital part of any contract formed within the state. It ensures that parties have a legal recourse in case of a breach and provides clarity on the available remedies. Whether it is liquidated damages, specific performance, rescission, reformation, or attorneys' fees, the parties can choose the most suitable remedy or a combination thereof, depending on the nature of the breach and their desired outcome.The Oregon Default Remedy Clause, also known as the Default Clause or Remedies Clause, is a legal provision that outlines the specific remedies available to a non-breaching party when the other party fails to perform its contractual obligations in the state of Oregon. It serves as a safeguard to ensure that parties can seek appropriate relief when the terms of a contract are violated. One type of Oregon Default Remedy Clause is the Liquidated Damages Clause. This clause allows parties to agree in advance on the amount of damages that will be payable if there is a breach of contract. The predetermined sum serves as compensation for the non-breaching party and saves them from the hassle of proving actual damages suffered. Another type is the Specific Performance Clause. When this clause is included in a contract, it allows the non-breaching party to demand the breaching party to fulfill their obligations as specified in the agreement. This remedy is common in cases where the subject of the contract is unique or where monetary compensation would not adequately compensate the non-breaching party. In some cases, the Oregon Default Remedy Clause may grant the option of Rescission. This means that the contract is declared void, and both parties are released from their obligations. This remedy is often utilized in situations where the contract was formed based on fraudulent misrepresentation or a mistake. In addition, the clause may include the option of Reformation. This allows the court to rewrite certain terms of the contract to reflect the original intentions of the parties. Reformation is typically exercised when a contract contains ambiguous or contradictory clauses, rendering the original agreement unenforceable. One must also consider the Availability of Attorneys' Fees in the Oregon Default Remedy Clause. In certain cases, the prevailing party may be entitled to reimbursement for the legal fees incurred in enforcing the contract or defending against a breach. This provision serves as an incentive for parties to honor their contractual obligations and discourages frivolous litigation. Overall, the Oregon Default Remedy Clause is a vital part of any contract formed within the state. It ensures that parties have a legal recourse in case of a breach and provides clarity on the available remedies. Whether it is liquidated damages, specific performance, rescission, reformation, or attorneys' fees, the parties can choose the most suitable remedy or a combination thereof, depending on the nature of the breach and their desired outcome.
