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 Wisconsin Default Remedy Clause is a provision included in contracts and agreements to address the consequences when one party fails to fulfill their obligations or breaches the terms of the agreement. This clause serves as a safeguard for the non-breaching party by establishing the available remedies or courses of action that can be taken in such situations. There are different types of Default Remedy Clauses in Wisconsin that parties can opt for, depending on their specific needs and preferences. Here are a few noteworthy variations: 1. Damages: The most common type of Default Remedy Clause is the provision of damages. It allows the non-breaching party to seek monetary compensation to recover any losses or damages caused by the breach. The damages can include actual damages (compensatory damages to cover direct losses), consequential damages (damages resulting from the breach but not directly caused by it), or liquidated damages (pre-determined damages agreed upon in advance). 2. Specific Performance: Another type of Default Remedy Clause is the option of seeking specific performance. This remedy requires the breaching party to fulfill their contractual obligations precisely as stated in the agreement, as opposed to monetary compensation. It is typically used in cases where the subject of the agreement is unique or rare, making it difficult to find substitutes and rendering financial compensation insufficient. 3. Rescission: The Rescission remedy allows the non-breaching party to cancel or terminate the contract altogether due to the breach. This, in turn, restores both parties to their original positions, relieving them of any further obligations under the original agreement. Rescission is generally sought in cases of substantial breaches or fundamental non-performance. 4. Injunction: In certain circumstances, the non-breaching party may seek an injunction, which is a court order prohibiting the breaching party from engaging in certain actions or enforcing certain rights. This remedy is commonly used when there is an ongoing breach that may continue to cause harm or irreparable damage if not immediately stopped. It is essential for parties entering into contracts in Wisconsin to carefully consider which type of Default Remedy Clause suits their specific circumstances and interests. It should be drafted in compliance with Wisconsin contract laws to ensure its enforceability in case of a breach. Seeking legal advice is recommended to ensure the clause protects the interests of both parties effectively while complying with the state's legal framework.
