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.
Virginia Limitation of Remedies and Damages Provisions
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FAQ
(d) Consequential damages and incidental damages may be excluded or limited by agreement unless the exclusion or limitation is unconscionable.
Virginia law caps punitive damage awards at $350,000. While a jury may return a verdict for punitive damages over this amount, the judge will ultimately reduce the punitive damages award so it does not exceed the maximum amount.
These restrictions were established in response to concerns regarding excessive punitive awards. ing to the California Civil Code, punitive damages cannot exceed the greater of: Four times the amount of compensatory damages awarded to the plaintiff; or. $10 million.
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.
Virginia statute § 8.01-38.1 places a cap of $350,000 on punitive damages courts may award to punish wrongdoers. If a jury in Virginia exceeds the cap on punitive damages, judges are required to reduce the award to the maximum allowed by law.
Virginia has statutory caps on damages in some cases, but not all. For example, if you or a loved one was hit by a drunk driver, there is generally no cap on the amount of damages you can recover, with the exception of a cap on punitive damages (also known as punishment damages).
The first factor?the reprehensibility of defendant's conduct?is subjective in nature. The other two?defendant's financial condition and the relationship to actual damages?are objective measurements.
In Virginia, whether your potential case involves damage to real property (your house or your land, for example) or personal property (including vehicle damage), it must be filed within five years, ing to Code of Virginia section 8.01-243, which sets this time limit for "every action for injury to property."