Florida Clauses Relating to Defaults, Default Remedies
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How to fill out Clauses Relating To Defaults, Default Remedies?
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FAQ
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.
A penalty clause is a contractual clause that imposes liquidated damages that are unreasonably high and represent a punishment for breach, rather than a reasonable forecast of damages for the harm that is caused by the breach, are referred to as penalty clauses.
A penalty clause in a contract serves as a clear statement that if one party fails to uphold their end of the agreement, there will be consequences.
A default rule tells a court how to fill a gap in a contract. A penalty default rule tells a court to fill the gap in a way that is undesirable to at least one of the parties.
(a) If an Event of Default occurs, then in each such case the Secured Party may declare the Obligations to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Obligations shall become immediately due and payable.
Contractual penalty The parties may choose to include a penalty clause in the contract. Such a clause may stipulate, for instance, that the debtor has to pay the creditor 3% of the amount due for each day he is late making payments.
Parties can generally contract on whatever terms they want to, but clauses which unduly punish a breaching party may not be enforceable. It is typical for commercial contracts and terms of business to include clauses which anticipate a breach and set out the consequences of this.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.