This form provides boilerplate contract clauses that limit the remedies available to the parties both under and outside the terms of the contract agreement. Several different language options representing various levels of restriction are included to suit individual needs and circumstances.
Fulton Georgia Limitation of Remedies and Damages Provisions
Category:
State:
Multi-State
County:
Fulton
Control #:
US-ND0903
Format:
Word;
PDF
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How to fill out Limitation Of Remedies And Damages Provisions?
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FAQ
A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can "cap" the amount of potential damages to which a company is exposed.
A limitation clause is a constitutional provision which enables constitutionally protected rights to be partially limited, to a specified extent and for certain democratically justifiable purposes.
What Is a Limitation Clause? Limitation clauses are an important part of contracts. They are where the contract spells out what each side will be held responsible for under the specific terms and conditions also outlined.
Understand that there are various rules that limit recovery for the nonbreaching party in a contract case. Know how these concepts serve to limit contract remedies: foreseeability, mitigation of damages, certainty of damages, loss of power of avoidance, election of remedies, and agreement of the parties.
Contracting parties often include in their written agreement provisions on remedies for breach of the contract. A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief.
There are three types of equitable remedies: specific performance, injunction, and restitution.
A limitation of damages clause is a contractual agreement where parties either exclude or limit the availability of damages that statutory law otherwise entitles them to.
In many agreements, you may find a clause labeled limitation of remedy. This clause is largely similar to a limitation of liability clause in that it controls how much responsibility a company has under a contract. Often, however, the limitation of remedy clauses limits the types of remedies you can pursue.
A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.
