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 District of Columbia Default Remedy Clause is a legal provision that outlines the procedures and remedies in cases where a default occurs in an agreement or contract within the District of Columbia (D.C.). This clause is primarily used to address the consequences of non-payment, non-performance, or violation of terms by one party. In simple terms, the Default Remedy Clause specifies the steps that will be taken by the non-defaulting party to seek redress and enforce the terms of the agreement. It aims to protect the rights of the aggrieved party and provide a mechanism to resolve disputes efficiently. Some relevant keywords associated with the District of Columbia Default Remedy Clause may include: 1. Default: Refers to the failure of one party to meet its obligations or commitments as specified in the agreement. 2. Remedy: Describes the actions, methods, or legal procedures available to the non-defaulting party to address the default and seek resolution. 3. Contract: Refers to a legally binding agreement between two or more parties that outlines their rights, obligations, and responsibilities. 4. Agreement: A formal understanding or arrangement between parties regarding specific terms and conditions. 5. Non-performance: The failure to perform or fulfill the obligations agreed upon in the contract. 6. Breach of Contract: Violation or failure to comply with the terms and conditions of the contract. 7. Enforcement: The process of compelling the defaulting party to fulfill their obligations or face legal consequences. 8. Dispute Resolution: Methods, such as mediation, arbitration, or litigation, used to resolve disagreements between parties in a contract. Different types of District of Columbia Default Remedy Clauses may include: 1. Monetary Remedy: This type of clause entitles the non-defaulting party to seek a financial remedy or damages as compensation for losses suffered due to the default. 2. Specific Performance: In some cases, the non-defaulting party may seek a court order to force the defaulting party to fulfill their obligations as outlined in the contract. 3. Termination: This type of clause allows the non-defaulting party to terminate the contract due to the default, thereby releasing both parties from further obligations. 4. Cure Period: Some clauses may provide a specific period during which the defaulting party can rectify their breach or default before the non-defaulting party can take further action. 5. Alternative Dispute Resolution: Certain clauses may require the parties to engage in mediation or arbitration to resolve disputes instead of resorting to litigation. It is important to consult legal professionals or refer to specific laws and regulations in the District of Columbia to fully understand the details and variations of the Default Remedy Clause in different contexts and industries.
