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 Wyoming Default Remedy Clause is a legal provision that outlines the actions to be taken when a party fails to fulfill their obligations as stated in a contract. This clause acts as a safeguard, providing remedies for the non-breaching party in case of default. Under Wyoming law, there are several types of Default Remedy Clauses that may be included in contracts: 1. Monetary Damages: This type of clause entitles the non-breaching party to seek financial compensation for any losses incurred due to the default. The damages awarded may include direct losses, consequential damages, or specific performance costs. 2. Specific Performance: In certain cases, monetary damages may not sufficiently remedy a breach of contract. The specific performance clause allows the non-breaching party to compel the defaulting party to fulfill their contractual obligations as agreed upon. 3. Liquidated Damages: A liquidated damages' clause specifies a predetermined amount of damages to be paid by the defaulting party if they fail to perform their obligations. This type of clause provides certainty and avoids the necessity of proving actual damages in court. 4. Equitable Remedies: Equitable remedies come into play when monetary compensation or specific performance is not feasible. These remedies may include injunctions, restraining orders, or other forms of equitable relief granted by a court to prevent or rectify harm caused by the default. It is important to note that the exact wording and terms of the Wyoming Default Remedy Clause may vary depending on the nature of the contract and the parties involved. Therefore, it is advisable to consult with a knowledgeable attorney or legal professional to ensure that the clause is properly drafted and tailored to suit the specific needs of the contract.
