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.
Kentucky Limitation of Remedies and Damages Provisions
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Most civil rights lawsuits in the state of Kentucky have a 1 year statute of limitation from the date the injury occurred. It is very important to talk to a civil rights lawyer as soon as possible to protect your claim.
Liquidated damages clauses try to fix, in advance, the amount of reasonable compensation for actual damages. Limitation of liability clauses restrict the amount of compensation available, regardless of the damages suffered.
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.
FindLaw Newsletters Stay up-to-date with how the law affects your life Code SectionKentucky Revised Statutes § 413.010 et seq.: Limitation of ActionsLibel/SlanderOne year (K.R.S. § 413.140(1)(d))FraudFive years (K.R.S. § 413.120(11))Injury to Personal PropertyTwo years (K.R.S. § 413.125)7 more rows
Limitations on Recovery of Damages in Contract Cases. A party can recover damages only for those losses that he can prove with reasonable certainty. Losses that are purely speculative are not recoverable.
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.
A party can recover only that amount of damage in law which can be proved with reasonable certainty. Especially troublesome in this regard are lost profits and loss of goodwill.
Examples of limitation/exclusion of liability clauses Exclude liability for some categories of losses, such as indirect or consequential losses or loss of profits. Limit liability to a specific amount, setting a 'cap' to the sums payable in damages related to a breach.