This form provides boilerplate contract clauses that limit the remedies available to the parties both under and outside the terms of the contract agreement. Several different language options representing various levels of restriction are included to suit individual needs and circumstances.
Limitation of Remedies and Damages Provisions
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FAQ
You can't exclude liability for death or personal injury caused by your negligence.You can only exclude liability for other losses caused by your negligence, if reasonable. 4. When dealing with a consumer, your standard terms can't exclude or restrict liability for breach unless reasonable.
Assumption of Risk Under the assumption of risk defense, a defendant can avoid liability for his negligence by establishing that the plaintiff voluntarily consented to encounter a known danger created by the defendant's negligence. Assumption of risk may be express or implied.
Contract remedies serve to protect three different interests: an expectation interest, a reliance interest, and a restitution interest. A promisee will have one of these and may have two or all three.
To Benefit from a Limit of Liability, You Have to Breach That doesn't mean the limit of liability does the indemnitor no good. It can take advantage of the limit, but only if it breaches the contract. If it refuses its indemnity obligations, the limit of liability restricts the other party's damages for that breach.
The party who is injured by the breach of contract may bring an action of breach of contract either by remedy of specific performance or the damages available such as general or liquidated damages, nominal damage (no loss situation), compensatory, punitive and specific.
Know how these concepts serve to limit contract remedies: foreseeability, mitigation of damages, certainty of damages, loss of power of avoidance, election of remedies, and agreement of the parties.
Fourth Rule: Section 73 It should be noted that when no loss arises from the breach of contract, only nominal damages are awarded. Damages are given by way of restitution and compensation only, and not by way of punishment. The aggrieved party can therefore recover the actual loss caused to him as compensation.
Although the non-breaching party cannot recover both liquidated damages and the actual damages that the parties liquidated, merely agreeing to liquidate one category of damages does not by itself bar the non-breaching party from recovering actual damages for other categories of damages that the parties did not
Monetary awards (called damages), specific performance, and restitution are the three principle remedies.