Virginia Clauses Relating to Defaults, Default Remedies: In the state of Virginia, contracts often include specific clauses relating to defaults and default remedies. These clauses help protect both parties involved in the agreement by outlining the actions that can be taken in the event of a breach or default. Here, we will discuss different types of Virginia clauses relating to defaults and default remedies, ensuring you have a thorough understanding of their significance. 1. Default Clause: A default clause is a common provision found in contracts that establishes the conditions under which a party will be considered in default. It outlines the specific events or actions that constitute a default, such as non-payment, violation of terms, or failure to fulfill obligations within a specified timeframe. 2. Notice of Default: This specific clause requires the party who intends to declare a default to provide written notice to the non-defaulting party. The notice should clearly state the breaches committed, providing the defaulting party with sufficient opportunity to rectify the situation within a specified cure period. 3. Cure Period: The cure period is another essential component of Virginia clauses relating to defaults. It refers to the time period granted to the defaulting party to rectify or cure the breaches mentioned in the notice of default. The length of the cure period may vary depending on the nature of the breach, but typically ranges from 10 to 30 days. 4. Default Remedies: Once a default has been established and the cure period has expired without resolution, default remedies become applicable. Here are a few common default remedies frequently included in Virginia contracts: — Termination: The non-defaulting party may choose to terminate the contract altogether, releasing both parties from further obligations. This remedy is usually considered when the default is deemed significant and irreparable. — Damages: Another remedy is the awarding of damages or financial compensation to the non-defaulting party. The damages aim to compensate the non-defaulting party for any losses incurred as a result of the default. — Specific Performance: In some cases, specific performance may be sought as a remedy for a default. This means that the court orders the defaulting party to fulfill their contractual obligations as initially agreed upon. — Liquidated Damages: Certain contracts may include a provision for liquidated damages. These are predetermined amounts set at the time of contract formation that serve as compensation in the event of a default. The purpose is to protect the non-defaulting party from having to prove actual damages suffered. Understanding and including these Virginia clauses relating to defaults and default remedies significantly contribute to fostering trust and providing legal recourse in contracts. These clauses clarify the consequences of default, allowing both parties to maintain clarity and accountability throughout their agreement.
Virginia Clauses Relating to Defaults, Default Remedies
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If default judgment has been entered correctly, the defendant can still apply to set the judgment aside but will need to convince the court that the test for setting judgment aside has been met.
A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday.
(1) Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy.
If the civil warrant was properly served on the defendant and he or she fails to appear on the return date, a ?default judgment? may be entered against the defendant. In this case, the court will enter a judgment for the plaintiff on the trial date based on enough evidence from the plaintiff to support the claim.
Either the plaintiff or the defendant has the right to appeal to the Circuit Court any decision where the amount in controversy exceeds $50, or is for possession on an unlawful detainer action. An appeal may be noted by a party or by the attorney for such party (see Virginia Supreme Court Rule 7A:13 for exceptions).
To ask the judge to set aside your default judgment, you must file a ?motion? (a formal written request) with the court. The Self-Help Center has a form Motion to Set Aside Default Judgment that is available for free at the center or can be downloaded on your computer.
In Virginia, under the first material breach doctrine, if the initial breach by one party is material, the other party to the contract is excused from performing its contractual obligations.
Finality of Judgments, Orders and Decrees. (a) Expiration of Court's Jurisdiction. ? All final judgments, orders, and decrees, irrespective of terms of court, remain under the control of the trial court and may be modified, vacated, or suspended for twenty-one days after the date of entry, and no longer.