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.
Texas Limitation of Remedies and Damages Provisions
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FAQ
The Texas statute of limitation for lawsuits involving property damage or theft (also referred to as ?conversion?) is ? 2 years after the date the damage occurred or from when the property was taken or detained. (Texas Civil Practice and Remedies Code 16.003(a)).
Punitive damages are capped at the greater of $200,000 or two times the amount of economic damages PLUS the amount equal to non-economic damages up to $750,000.
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.
Section 101.023 - Limitation on Amount of Liability (a) Liability of the state government under this chapter is limited to money damages in a maximum amount of $250,000 for each person and $500,000 for each single occurrence for bodily injury or death and $100,000 for each single occurrence for injury to or destruction ...
