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.
Missouri Limitation of Remedies and Damages Provisions
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FAQ
Again, using California as an example, courts have generally found punitive damages greater than 15 percent of a defendant's net worth to be excessive.
In Missouri, a property damage lawsuit must be filed within five years, ing to Missouri Revised Statutes section 516.120, which sets this time limit for: "an action for trespass on real estate"
§ 510.265. Section 510.265 - Limitations on punitive damages in certain cases 1. No award of punitive damages against any defendant shall exceed the greater of: (1) Five hundred thousand dollars; or (2) Five times the net amount of the judgment awarded to the plaintiff against the defendant.
Those states are: Alabama, Alaska, Connecticut, Hawaii, Louisiana, Michigan, Missouri, New Hampshire, South Carolina, Texas and Virginia (see, e.g., Virginia Code §38.20227: "It is not against public policy of the Commonwealth for any person to purchase insurance providing coverage for punitive damages arising out of ...
In many agreements, you may find a clause labeled ?limitation of remedy.? This clause is largely similar to a limitation of liability clause in that it controls how much responsibility a company has under a contract. Often, however, the limitation of remedy clauses limits the types of remedies you can pursue.
Although there is no maximum sum, punitive damages typically do not exceed four times the amount of compensatory damages. For example, if a plaintiff recovers $100,000 in compensatory damages and is awarded punitive damages, they most likely will receive up to $400,000 in punitive damages. There are exceptions, though.
Missouri Statute 510.265 limits the amount that victims can receive in punitive damages to the lesser of: 5 times the compensatory damages awarded, or. $500,000.
In Missouri, plaintiffs have up to five years to file a lawsuit for personal injury, defamation, and medical malpractice. However, a maximum of 10 years is allowed for discovery of an injury. Injury to property, trespassing, and enforcement of written contracts carry a five-year statute of limitations.