This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
Texas Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
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FAQ
Essentially, exclusive remedy provisions restrict a party's available remedies for specified claims to the remedies set out in the contract and exclude the party from seeking other types of remedies for that action.
General Contract Clauses: Cumulative Remedies (with Exclusive Remedies Carve-Out) A Standard Clause stating the parties' intention to express rights and remedies set out in the agreement are cumulative and in addition to any other rights or remedies provided by law or equity, and not in substitution for them.
6 Common Remedies for Breach of Contract in Business Compensatory Damages. Compensatory damages refer to the financial compensation awarded to the innocent party in a contract breach case. ... Specific Performance. ... Injunction. ... Rescission. ... Liquidated Damages. ... Nominal Damages.
A limitation of liability clause in a contract limits the amount of money or damages that one party can recover from another party for breaches or performance failures. In other words, the clause can put a cap on the number of damages the organization will have to pay under certain circumstances.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.
Often, however, the limitation of remedy clauses limits the types of remedies you can pursue. Remedies for contract breach include monetary damages, attorney's fees and costs, cure first provision, binding arbitration, and injunctive relief.
5 Common Remedies for a Breach of Contract #1. Compensatory Damages. Compensatory damages are the most common damages awarded in breach of contract cases. ... #2. Liquidated Damages. ... #3. Rescission. ... #4. Specific Performance. ... #5. Injunction. ... Have a Contract that has Been Breached? We Are Here to Help.
1980), the Texas Supreme Court held an election of remedies is only made as a result of an (1) informed choice (2) between two or more rights, remedies, or states of fact (3) which are so inconsistent as to (4) constitute manifest injustice.
