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.
Colorado Limitation of Remedies and Damages Provisions
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FAQ
The losses each party accepts to cap and the amount of damages a party will be liable for. The clause should list precisely which losses will be capped and what the cap should be (the cap can be different for different types of loss).
Understand that there are various rules that limit recovery for the nonbreaching party in a contract case. 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.
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.
The damages are measured by the difference between the contract price and the market price when the seller provides the goods, or when the buyer learns of the breach.
The written contract may specify damages, or they can be awarded by the court. A breach of contract claim may order specific damages by the contract's language.
Colorado Revised Statutes section 13-80-102 sets a two-year deadline for any lawsuit seeking compensation for the repair or replacement of damaged or destroyed property, whether it's real property or personal property.
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.
Define the obligations each party is under in the contract because clearly scoped out obligations limit liability. If there are pre-conditions to a contract, or the other party needs to meet obligations before liability kicks in, then this should be clearly stated.