This office lease form is a standard default remedy clause, providing for the collection of the difference between the rent due and owing under the lease and the rents collected in the event of mitigation.
The Missouri Default Remedy Clause is a legal provision aimed at protecting the rights of parties involved in a contract in the case of default by one party. This clause outlines the remedies available to the non-defaulting party, specifying the actions they can take to enforce the terms of the agreement or seek compensation for the breach. The Missouri Default Remedy Clause serves as a protective measure, ensuring that both parties are aware of the consequences if either fails to fulfill their obligations. By including this clause in a contract, it becomes legally binding and allows for smoother dispute resolution in case of default. There are various types of Default Remedy Clauses that can be customized to suit specific agreements and circumstances in Missouri: 1. Termination Clause: This type of Default Remedy Clause allows the non-defaulting party to terminate the contract in the event of a breach. Termination can occur immediately or after a specified cure period, giving the defaulting party a chance to rectify the breach. 2. Damages Clause: This clause provides the non-defaulting party with the right to seek monetary compensation for losses incurred due to the default. The damages may include actual costs, foreseeable damages, or liquidated damages set in advance as a reasonable estimate of the potential harm caused by the breach. 3. Specific Performance Clause: In certain cases, the non-defaulting party may prefer specific performance rather than monetary compensation. This clause allows them to request that the defaulting party fulfill their obligations as outlined in the contract. 4. Cure Period Clause: This type of Default Remedy Clause grants the defaulting party a specified period to cure the breach. During this time, they have the opportunity to rectify the default and fulfill their obligations without facing any immediate consequences. 5. Mediation or Arbitration Clause: Some contracts include a mediation or arbitration clause within the Default Remedy Clause. This indicates that, in the event of a default, the parties agree to resolve their disputes through alternative means of dispute resolution, such as mediation or arbitration, rather than going to court. The Missouri Default Remedy Clause provides clarity and protection to parties engaged in contractual agreements. It ensures that both parties have an understanding of the consequences of default and facilitates a fair resolution process in case of breach.
