This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
Illinois Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
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FAQ
A provision in a preferred stock issue that prevents common stock paying a dividend as long as there are arrearages on the preferred stock.
Essentially, exclusive remedy provisions restrict a party's available remedies for specified claims to the remedies set out in the contract and exclude the party from seeking other types of remedies for that action.
Recognize that there are two general categories of remedies: legal and equitable. See that courts do not simply order obligors to keep their promise but instead allow them to breach and the nonbreaching party to have remedies for that breach.
Each right, remedy and power hereby granted to the Beneficiaries or allowed it by applicable law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Beneficiaries at any time or from time to time.
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.
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.
In the event of a breach that triggers the liquidated damages provision, the liquidated damages are the exclusive remedy of the non-breaching party (i.e., make sure that if your contract has a cumulative remedies provision, it does not apply to breaches that trigger the liquidated damages provision and associated ...
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.
