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 New Hampshire Default Remedy Clause is a legal provision included in many contracts within the state, serving as a crucial safeguard for parties involved in agreements. This clause outlines the specific remedies or actions that can be taken by the non-breaching party in case of a default or breach of contract by the other party. A detailed understanding of this clause is essential for anyone involved in contract negotiations or legal proceedings in New Hampshire. One of the primary objectives of the Default Remedy Clause is to provide a clear framework for resolving disputes arising from breaches of contract. It aims to establish predetermined consequences for defaulting on contractual obligations, reducing the ambiguity and uncertainty typically associated with such situations. By specifying the remedies available to the non-breaching party, this clause ensures that both parties are aware of the potential consequences and can plan accordingly. In the state of New Hampshire, there are several types of Default Remedy Clauses that parties may include in their contracts: 1. Liquidated Damages Clause: This type of clause sets out predetermined monetary damages as compensation for a specific type of breach. The agreed-upon amount may vary depending on the nature and severity of the breach. By including a liquidated damages' clause, the parties can avoid potentially lengthy and costly litigation to determine the appropriate amount of damages resulting from a breach. 2. Termination Clause: This clause allows either party to terminate the contract in the event of a default by the other party. It provides a mechanism for ending the contractual relationship when trust or significant breaches occur, enabling the non-breaching party to seek alternative arrangements or pursue legal actions for damages. 3. Specific Performance Clause: In some cases, monetary damages may not adequately compensate the non-breaching party in a breach of contract situation. A specific performance clause entitles the non-breaching party to seek a court order compelling the defaulting party to fulfill their contractual obligations. This remedy is usually applicable in situations where the subject of the contract is unique or irreplaceable. 4. Cure Period Clause: This type of clause grants the defaulting party a specific period within which they can remedy the breach or default. It offers an opportunity for the defaulting party to rectify their non-compliance before facing more severe consequences. The cure period allows for a fair and reasonable opportunity to address the issue, thereby potentially preserving the contractual relationship. Understanding each type of Default Remedy Clause in New Hampshire is crucial when negotiating and drafting contracts. By incorporating these clauses appropriately, parties can proactively address potential defaults and mitigate the risks involved in contractual agreements. It is advisable to consult with legal professionals experienced in New Hampshire contract law to ensure that the Default Remedy Clause aligns with the specific requirements of the parties involved and complies with applicable legal standards.
