This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
Keywords: Kentucky, Limitation of Remedies, Election of Remedies, Cumulative Remedies Provision, types Kentucky Limitation of Remedies refers to a legal concept designed to impose limitations or constraints on the available remedies for certain legal claims in the state of Kentucky. The state recognizes that parties may agree to limit the remedies available to them in specific circumstances. One type of Kentucky Limitation of Remedies is contractual limitation. This occurs when parties involved in a contract agree upon specific remedies that can be pursued in case of a breach. For example, parties may agree that monetary damages will be the sole remedy available rather than seeking injunctive relief or specific performance. Another type of Kentucky Limitation of Remedies is statutory limitation. Here, the state legislature has enacted laws that define the limits of available remedies for certain types of claims. These limitations may be applicable to specific industries or areas of law. For instance, the Kentucky Product Liability Act limits the remedies available in product liability cases, specifying that punitive damages cannot exceed a certain threshold. Election of Remedies is a legal principle that allows a party to choose among different available remedies when multiple remedies are available for a single claim. In Kentucky, the doctrine of election of remedies permits a party to select one remedy while effectively relinquishing the right to pursue other remedies for the same claim. This principle ensures that parties do not obtain double recovery or unfairly manipulate the legal system. The Cumulative Remedies Provision in Kentucky refers to a legal provision that allows a party to seek multiple remedies simultaneously for a single claim. It recognizes that certain situations may warrant the application of various remedies, depending on the specific needs and circumstances of the case. The provision allows parties to pursue multiple remedies concurrently, ensuring a fair and just outcome. In summary, Kentucky Limitation of Remedies encompasses both contractual and statutory limitations on available remedies. The principle of Election of Remedies permits parties to choose among available remedies, while the Cumulative Remedies Provision enables the pursuit of multiple remedies simultaneously. Understanding these concepts is crucial for navigating the legal landscape in Kentucky and ensuring that parties' rights are protected and remedies are appropriately applied.
