This office lease form is a standard default remedy clause, providing for the collection of the difference between the rent due and owing under the lease and the rents collected in the event of mitigation.
The Washington Default Remedy Clause is a legal provision included in contracts, specifically loan agreements and contracts for the sale of goods, that outlines the remedies available to a non-breaching party when the other party defaults on their obligations. This clause is crucial as it helps protect the interests of parties involved in the agreement and ensures that there are established procedures to address any defaults or breaches. Under the Washington Default Remedy Clause, there are various types of remedies that may be specified based on the nature of the contract. These remedies can be broadly classified into two categories: monetary remedies and non-monetary remedies. 1. Monetary Remedies: a. Liquidated Damages: This type of remedy allows the non-breaching party to recover a predetermined sum of money as compensation for any loss or damages incurred as a result of the breach. b. Actual Damages: Here, the non-breaching party can claim the actual amount of financial loss suffered due to the default. This includes any direct costs, lost profits, or other expenses incurred. c. Penalties: In certain cases, a penalty clause may be included, allowing the non-breaching party to recover a specified amount that goes beyond actual damages to penalize the defaulting party for their breach. 2. Non-Monetary Remedies: a. Specific Performance: This remedy requires the defaulting party to fulfill their obligations under the contract as agreed upon, typically applicable in cases involving unique assets or situations where monetary compensation does not suffice. b. Rescission and Restitution: This allows the non-breaching party to terminate the contract and seek restitution, returning the parties to the position they were in before entering into the agreement. c. Injunctive Relief: In certain situations, the non-breaching party may seek an injunction to restrain the defaulting party from taking certain actions that may result in irreparable harm or continuing the breach. It's important to note that the exact terms and conditions of the Washington Default Remedy Clause may vary depending on the agreement, the type of contract, and the preferences of the parties involved. Therefore, it is advisable to consult with legal professionals familiar with Washington state laws to draft a comprehensive and enforceable default remedy clause tailored to specific contractual needs.
