New Jersey Clauses Relating to Termination and Liquidation of Venture
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FAQ
A liquidated damages clause is enforceable so long as [ ](a) the amount so fixed [?]is a reasonable forecast of just compensation for the harm that is caused by the breach,? and (b) the harm that is caused by the breach is one that [?]is incapable or very difficult of accurate estimate.? Given that [defendant's] new ...
Termination of the Joint Venture Agreement: The Joint Venture Agreement dated??.. (date of the agreement) between (Company A and Company B) is hereby terminated effectively as of the date of this agreement. Each party agrees to its obligations to effectuate the termination of the Joint Venture Agreement.
A liquidated damages clause is enforceable regardless of the actual loss suffered by a party, provided the amount payable is not a penalty, ie when it was agreed it was not out of all proportion to the legitimate interest of the innocent party in the enforcement of the primary obligation.
Liquidated damages provisions are generally enforceable if they are intended to compensate the non-breaching party rather than penalize the breaching party. Contracts often provide for fixed amounts of money ? often called ?liquidated damages? ? for breaches of certain contract provisions.
drafted termination and release agreement is the definitive end of the parties' commitments, and can help prevent future misunderstandings and disputes. While no document can insulate you from later lawsuits or claims, a clear termination form can strengthen your defense if such claims arise.
A termination clause contains language that could lead to an early end to the swap contract if either party experiences specific, predetermined events or changes in its financial status, or if other specific events outside the party's control will change its ability to legally maintain the contract.
If a liquidated damages clause is found to be a penalty, it is unenforceable by the party seeking to impose it. Even where the liquidated damages clause is unenforceable because it is a penalty, the clause may still operate as a cap on general damages.
New York enforces liquidated damages clauses so long as the damages are not a ?penalty.? JMD Holding Corp. v. Cong. Fin.