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.
Oregon Limitation of Remedies and Damages Provisions
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FAQ
Expectation damages can only be recovered if they can be calculated to a reasonable certainty. Where damages cannot be calculated to a reasonable certainty, the injured party will only be able to recover nominal damages.
Contractual limitations on damages are agreements whereby the parties limit the availability of damages that would otherwise be available under statutory law.
Examples of limitation/exclusion of liability clauses Exclude liability for some categories of losses, such as indirect or consequential losses or loss of profits. Limit liability to a specific amount, setting a 'cap' to the sums payable in damages related to a breach.
In this case, damages are solely economic, and most states enforce the clause. Others might hold the limitation of liability in varying degrees of unenforceability. Certain states find these clauses unenforceable unless they are explicitly worded.
In many agreements, you may find a clause labeled ?limitation of remedy.? This clause is largely similar to a limitation of liability clause in that it controls how much responsibility a company has under a contract. Often, however, the limitation of remedy clauses limits the types of remedies you can pursue.
Under the first, damages are limited by reference to the degree of the debtor's fault. The second requires that damage must be foreseeable. The third relies on the degree of causal connection between the default and the harm. The fourth technique is to give the court a discretion to limit damages.
For breach of contract cases, the statute of limitations in Oregon is six years from the date of the breach, unless the parties agree on a shorter time frame.
5 years Contracts on real property (5 years from date of maturity of final payment) 6 years Most contract claims. 10 years Action to recover real property or for possession of real property (adverse possession).