This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
North Carolina Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
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How to fill out Limitation Of Remedies, Election Of Remedies, And The Cumulative Remedies Provision?
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FAQ
Remedies Not Exclusive: The remedies for breach set forth in this Contract are cumulative as to one another and as to any other provided by law, rather than exclusive; and the expression of certain remedies in this Contract does not preclude resort by either party to any other remedies provided by law.
A typical cumulative rights clause might be as simple as this: ?Cumulative Rights: Any specific right or remedy provided in this contract will not be exclusive but will be cumulative of all other rights and remedies.?
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.
For example, a clause in a purchase agreement for a computer limiting damages to $1.00 would effectively deprive the buyer of any adequate remedy.
A typical cumulative rights clause might be as simple as this: ?Cumulative Rights: Any specific right or remedy provided in this contract will not be exclusive but will be cumulative of all other rights and remedies.?
Standard Clause stating the parties' intention that express rights and remedies set out in the agreement are cumulative and in addition to any other rights or remedies provided by law or equity, and not in substitution for them.
Accumulated rights are those that can be carried forward to future periods if not used in the period in which earned.
Each right, remedy and power hereby granted to the Beneficiaries or allowed it by applicable law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Beneficiaries at any time or from time to time.
