This office lease clause is a standard condition of limitation language dealing with issues of tenant defaults in fulfilling any of the covenants of the lease.
Condition of Limitation Clause
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Multi-State
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US-OL14014
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How to fill out Condition Of Limitation Clause?
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FAQ
These types of clauses operate to exclude or restrict the rights of a party. For example, if a party to a contract wishes to limit its liability in the event that it breaches the contract, it will usually include an exclusion clause limiting the amount of damages that the other party can claim to a specified total.
A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can "cap" the amount of potential damages to which a company is exposed.
Limitation of liability clauses are a useful way of balancing the risk between parties to a commercial contract. The parties can seek to limit their liability under the contract in a number of ways, often by excluding liability for certain types of loss or by putting a financial cap on liability for such losses.
A limitation clause is a constitutional provision which enables constitutionally protected rights to be partially limited, to a specified extent and for certain democratically justifiable purposes.
Limitation of liability clauses are a useful way of balancing the risk between parties to a commercial contract. The parties can seek to limit their liability under the contract in a number of ways, often by excluding liability for certain types of loss or by putting a financial cap on liability for such losses.
Limitation of liability clauses limit the amount one party has to pay the other party if they suffer loss because of a contract between them. To be enforceable, limitation of liability clauses need to be reasonable and carefully drafted, so make sure you pay great attention to them whenever you enter into a contract.
Courts should always uphold limitation-of-liability clauses, whether or not the two parties to the contract had equal bargaining power.Without such clauses, sellers would have a difficult time obtaining liability insurance and when such insurance could be obtained, it would be at higher prices.
Although a party can never limit its liability for intentional wrongdoing or willful misconduct (California Civil Code Section 1668), California courts will uphold contractual provisions limiting liability for breach of contract or ordinary negligence so long as the provision does not affect the public interest and
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.
