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.
Florida Limitation of Remedies and Damages Provisions
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FAQ
To make up for the power imbalance in this type of situation, the law considers this kind of contract unfair if it: results in an imbalance of the contracting parties' rights or obligations; is not reasonable to protect the 'legitimate interests' of the party that is benefitting from the clause.
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.
In no event shall any party to this Agreement be liable to any other party for any lost profits or special, exemplary, consequential or punitive damages, even if informed of the possibility of such damages.
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.
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.
In the absence of negligence, bad faith or willful misconduct, none of the Sponsor, the Administrator, nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or ...
Carve-outs Identify specific circumstances or types of claims that should be excluded from the limitation of liability clause. These are often excluded because of the significant nature of these types of claims and the relative risks of these claims to the business that may suffer if one of these events were to occur.
Courts generally construe these clauses narrowly against the party benefiting from the clause. Limitation of liability language will need to (1) clearly and unambiguously limit a party's liability, (2) be conspicuous, and (3) be unmistakable in its intentions.