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.
Nebraska Limitation of Remedies and Damages Provisions are legal provisions that establish certain limitations on the available remedies and damages in various types of contractual agreements or legal disputes. These provisions help define the extent to which parties can seek relief or claim compensation for their losses. In Nebraska, there are different types of Limitation of Remedies and Damages Provisions, including: 1. Exclusion Clauses: These provisions aim to limit or exclude specific types of remedies or damages that one party may claim against the other. For example, an exclusion clause may state that the seller of a product is not liable for any indirect or consequential damages arising from the use of the product. 2. Limitation of Liability Clauses: These provisions set a cap on the maximum amount of damages or liability that a party can be held responsible for. They are commonly used in commercial contracts to protect companies from extensive financial claims or potential bankruptcy. For instance, a limitation of liability clause may specify that a software provider's total liability is limited to the amount paid by the customer for their software license. 3. Liquidated Damages Clauses: This type of provision helps parties establish predetermined and fixed amounts of damages that will be payable if a specific breach or event occurs. It serves as a way to estimate potential losses in advance and avoid costly litigation to determine damages. For example, in a construction contract, there might be a liquidated damages' clause specifying a fixed daily amount that the contractor must pay the client for each day of delay beyond the agreed-upon completion date. It is important to note that Nebraska courts may closely scrutinize and evaluate this Limitation of Remedies and Damages Provisions to ensure they are fair, reasonable, and do not violate public policy. Any clauses found to be unconscionable or unreasonable may be deemed unenforceable. In summary, Nebraska Limitation of Remedies and Damages Provisions are legal provisions that outline the boundaries of available remedies and damages in contractual agreements. They include exclusion clauses, limitation of liability clauses, and liquidated damages clauses. Parties must carefully consider and draft these provisions to strike a balance between protecting their interests and ensuring fairness in their agreements.
