This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
Delaware Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
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FAQ
For example, a clause in a purchase agreement for a computer limiting damages to $1.00 would effectively deprive the buyer of any adequate remedy.
In the law of civil procedure, election of remedies is the situation in which a winning party in a lawsuit must choose the means by which its injury will be remedied. For example, if a court finds that the plaintiff's painting was stolen by the defendant, then the plaintiff has two possible routes to restore the loss.
General Contract Clauses: Cumulative Remedies (with Exclusive Remedies Carve-Out) A Standard Clause stating the parties' intention to express rights and remedies set out in the agreement are cumulative and in addition to any other rights or remedies provided by law or equity, and not in substitution for them.
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.
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.
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.
Equitable Remedies vs Legal Remedies Remedies for breach of contract can generally be divided into two categories: legal and equitable. Legal remedies allow the non-breaching party to recover monetary damages. In contrast, equitable remedies are non-monetary solutions to resolve the disputed issue.
Often, however, the limitation of remedy clauses limits the types of remedies you can pursue. Remedies for contract breach include monetary damages, attorney's fees and costs, cure first provision, binding arbitration, and injunctive relief.
