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 Arkansas Default Remedy Clause is a legal provision that outlines the remedies available to a party in the event of a default or breach of contract in the state of Arkansas. It serves as a form of protection for parties involved in a contractual agreement, ensuring that appropriate actions can be taken when one party fails to fulfill their obligations. In Arkansas, there are various types of Default Remedy Clauses that parties can include in their contracts depending on their specific requirements and preferences. These clauses provide clarity on the available remedies and the process for invoking them. Here are some common types of Arkansas Default Remedy Clauses: 1. Payment Default Remedy Clause: This type of clause is typically included in contracts involving financial agreements, such as loans or credit agreements. It specifies the actions that can be taken if a party defaults on payment obligations, including late fees, interest, or the acceleration of the remaining debt. 2. Performance Default Remedy Clause: This clause is relevant in contracts where one party fails to perform or deliver goods or services as agreed. It outlines the remedies available to the non-breaching party, such as seeking specific performance, terminating the contract, or pursuing damages for losses incurred as a result of the breach. 3. Notice Default Remedy Clause: Contracts often include a notice provision that requires the non-breaching party to provide a written notice to the breaching party, giving them an opportunity to cure the breach within a specified timeframe. This type of clause allows parties to rectify the breach before resorting to legal actions. 4. Arbitration or Mediation Default Remedy Clause: In some cases, parties may include a clause requiring them to attempt alternative dispute resolution methods, such as arbitration or mediation, before pursuing litigation. These clauses provide a framework for resolving disputes efficiently and cost-effectively. 5. Termination Default Remedy Clause: This type of clause allows a party to terminate the contract if the other party defaults. It typically specifies the conditions that must be met for termination, the notice period required, and the consequences of termination, such as payment terms or liquidated damages. It is important for individuals and businesses entering into contracts in Arkansas to carefully consider the inclusion of a Default Remedy Clause that aligns with their specific needs and objectives. Seeking legal advice or consulting with a contract attorney can help ensure that the clause is drafted accurately and appropriately addresses potential breaches or defaults.
