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.
Tennessee Limitation of Remedies and Damages Provisions
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FAQ
You may have limits on your liability such as "Company will not be liable for more than $200 in the event of a breach," or "Company will not be liable for more than three times the yearly subscription fee." Here are some visual examples of what a limitation of liability clause looks like.
Define the obligations each party is under in the contract because clearly scoped out obligations limit liability. If there are pre-conditions to a contract, or the other party needs to meet obligations before liability kicks in, then this should be clearly stated.
A party can recover only that amount of damage in law which can be proved with reasonable certainty. Especially troublesome in this regard are lost profits and loss of goodwill.
The parties to a contract may specify in the contract itself the amount of damages to be paid in the event of a breach; these contractually defined damages are known as "liquidated damages." See generally Restatement (Second) of Contracts § 356.
In the absence of negligence, bad faith or willful misconduct, none of the Sponsor, the Administrator, nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or ...
A limitation of liability clause, if found to be enforceable, can ?cap? the number of potential damages incurred. The liability cap may be applied to all claims that arise during the term of the agreement, or it might be restricted to specific claims.
Contractual limitations on damages are agreements whereby the parties limit the availability of damages that would otherwise be available under statutory law.
A limitation of damages clause is a contractual agreement where parties either exclude or limit the availability of damages that statutory law otherwise entitles them to.