Clark Nevada Limitation of Remedies and Damages Provisions

Name: Clark Nevada Limitation of Remedies and Damages Provisions
Brand: US Legal Forms
Rating: 4.83 (326 reviews)

Category:

Contracts - Clauses

State:

Multi-State

County:

Clark

Control #:

US-ND0903

Format:

Instant download

Description

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.

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FAQ

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.

Examples of legal remedies (or damages) include compensatory, consequential, and punitive. Examples of equitable remedies include injunctions, constructive trust, subrogation, and equitable lien.

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.

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.

Compensatory Damages An award of compensatory damages is the most common of the legal remedies for breach of contract. The calculation of compensatory damages is based on the actual losses you have sustained as a result of the breach of contract.

Compensatory damages: This is the most common breach of contract remedy. When compensatory damages are awarded, a court orders the person that breached the contract to pay the other person enough money to get what they were promised in the contract elsewhere.

Equitable relief is distinguished from remedies for legal actions in that, instead of seeking merely monetary damages, the plaintiff is seeking that the court compels the defendant to perform a certain act or refrain from a certain act. Common types of equitable relief are injunctions, specific performance, or vacatur.

There are three types of equitable remedies: specific performance, injunction, and restitution.

1. Compensatory Damages. Compensatory damages (also called actual damages) cover the loss the nonbreaching party incurred as a result of the breach of contract. The amount awarded is intended to make good or replace the loss caused by the breach.

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. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.

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The aforementioned equitable relief will be in addition to, not in lieu of, legal remedies, monetary damages, or other available forms of relief. XVI. Approval of development agreement rests with the councilors in the public hearing.Filling gaps in the contract and the Convention Arts. Would normally provide to a client, including up to the minute legal research. Eligible for membership in the Clark County Education Association. The information on the Websites is provided for general information. To all specified time deadlines in the agreement. However, relying on a general clause could pose a trap for the unwary construction lawyer.

The clause in the contract should state if the obligation has been met by the date specified in the contract. The clause must be modified with each subsequent year of the contract or upon request by a client. The contract should explicitly state the obligations and conditions for that provision or event. For example, if an obligation has previously been made to provide the building plans to the client, a contract may not give the client an automatic right to the plans once the client has met the obligation.

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Clark Nevada Limitation of Remedies and Damages Provisions

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How to fill out Clark Nevada Limitation Of Remedies And Damages Provisions?

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What are liability limitations?

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What is a limitation of remedies clause?

What is the most common remedy for breach of contract?

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What are the three most common civil remedies?

Which remedy covers losses of actual damages suffered by the Nonbreaching party?

What is a remedy clause?

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