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.
Virginia Onerous Approach to Default Remedy Clause
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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.
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.
In an Exclusive Remedy Clause (the ?Clause?), the parties to a merger agree that the indemnification provisions included in the merger agreement are the exclusive remedy for causes of action arising from the merger, the merger agreement, and the terms therein.
The exclusive remedy provision in a workers' compensation insurance policy states that a worker cannot sue an employer for a work-related injury as long as they are receiving benefits from workers' comp.
An exclusive remedies clause limits the owner's right to recover for any failure of the contractor to fulfill its contractual obligations to those remedies specified in the contract.
The ?sole and exclusive remedy? is a provision used as a means to contractually define the remedy available to an injured party for the other party's breach of contract. The idea is for the contracting parties to mutually agree on the consequences of a party's breach of contract.