This office lease clause is an onerous approach to a default remedies clause. This clause is similar to those found in many New York City landlord office lease forms.
Onerous Approach to Default Remedy Clause
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A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.
A contract is not a legal concept.A contract is legally enforceable because it meets the requirements and approval of the law.
ONEROUS CONTRACT, civil law. One made for a consideration given or promised, however small.
Onerous contract A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.
It is an established common law principle that if a party proposes a contract term that is 'particularly onerous or unusual', the term will not be incorporated into the contract unless it has been fairly and reasonably brought to the counterparty's attention.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
1 : involving, imposing, or constituting a burden : troublesome an onerous task onerous regulations an onerous mortgage. 2 : having legal obligations that outweigh the advantages an onerous contract.
Having or involving obligations or responsibilities, especially legal ones, that outweigh the advantages: an onerous agreement.
Per IAS 37, onerous contracts should be classified as provisions. So, if you've identified a specific contract as onerous, you're required to recognize the current obligation as a liability and list it on your company's balance sheet. This action should be taken at the first indication that a loss may be anticipated.