This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
West Virginia Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
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Each right, remedy and power hereby granted to the Beneficiaries or allowed it by applicable law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Beneficiaries at any time or from time to time.
6 Common Remedies for Breach of Contract in Business Compensatory Damages. Compensatory damages refer to the financial compensation awarded to the innocent party in a contract breach case. ... Specific Performance. ... Injunction. ... Rescission. ... Liquidated Damages. ... Nominal Damages.
A typical cumulative rights clause might be as simple as this: ?Cumulative Rights: Any specific right or remedy provided in this contract will not be exclusive but will be cumulative of all other rights and remedies.?
5 Common Remedies for a Breach of Contract #1. Compensatory Damages. Compensatory damages are the most common damages awarded in breach of contract cases. ... #2. Liquidated Damages. ... #3. Rescission. ... #4. Specific Performance. ... #5. Injunction. ... Have a Contract that has Been Breached? We Are Here to Help.
A limitation of liability clause in a contract limits the amount of money or damages that one party can recover from another party for breaches or performance failures. In other words, the clause can put a cap on the number of damages the organization will have to pay under certain circumstances.
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.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.
In the law of civil procedure, election of remedies is the situation in which a winning party in a lawsuit must choose the means by which its injury will be remedied. For example, if a court finds that the plaintiff's painting was stolen by the defendant, then the plaintiff has two possible routes to restore the loss.
