Louisiana Clauses Relating to Defaults, Default Remedies
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FAQ
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.
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.
Hold harmless agreements are generally enforceable, and Florida courts do recognize them as being legally binding. But just because you may have signed one, doesn't mean you absolutely cannot sue if you were injured, as there are a number of exceptions and ways around a hold harmless agreement.
A default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law. Typically, a default leads to judicial proceedings or triggers the application of a separate contract provision.
Is a contract required to be in writing? contracts that affect title (ownership) of immovables is that the contract must be in writing for it to be valid. A sale or promise of sale of an immovable must be made by authentic act or by act under private signature, except as provided in Article 1839.
In order from most to least protective, the three types of indemnity agreements are broad form, intermediate form, and limited form. In the explanations below, we will refer to parties as either indemnitors or indemnitees. The indemnitor is the party waiving their right to hold the other party responsible for damages.
A hold harmless agreement is also called a ?release of liability? or a ?waiver of liability.? It can be reciprocal or unilateral. A reciprocal hold harmless agreement says neither party will hold the other party responsible for losses. A unilateral hold harmless agreement protects only one party.
In general, an agreement made a party in advance to broadly waive future physical injury damages is unenforceable in Louisiana.