This office lease clause is an onerous approach to a default remedies clause. This clause is similar to those found in many New York City landlord office lease forms.
Arkansas Onerous Approach to Default Remedy Clause
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US-OL14032
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FAQ
Contract remedies are legal methods of enforcing or correcting a contract. They can be used to compel performance, impose damages, or restore the parties to their original position. Common contract remedies include specific performance, liquidated damages, and rescission.
Remedies are intended to make the nonbreaching party whole. The two categories of remedies for breach of contract are legal and equitable. In the legal category are damages; in the equitable category are specific performance, injunctions, and restitution.
What are the Remedies for Breach of Contract? There are several remedies for breach of contract, such as award of damages, specific performance, rescission, andrestitution. In courts of limited jurisdiction, the main remedy is an award of damages.
The doctrine of election of remedies provides that if a party has two or more inconsistent remedies for a single cause of action, or arising from a single transaction, only one remedy may be ultimately pursued and only one remedy satisfied.
An exclusive remedies clause limits the owner's right to recover for any failure of the contractor to fulfill its contractual obligations to those remedies specified in the contract.
The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.
An example of a legal remedy in contract law is compensatory damages. Compensatory damages are intended to compensate the non-breaching party for their actual losses. This may include damages for lost wages, medical bills, or property damage. Compensatory damages may also include emotional distress damages.