0
What else can I help you with?
What is limitation of remedies clause?
A clause where the parties may agree to limit the amount and type of damages the nonbreaching party may seek if contract terms are violated
Can you explain the rights and responsibilities of an indemnified party in a legal agreement?
An indemnified party in a legal agreement has the right to be compensated for any losses or damages they incur due to the actions of the other party. They also have the responsibility to mitigate their losses and cooperate with the indemnifying party in any legal proceedings.
What is Punitive damages and what is consequential damages?
punitive damages are costs awarded to a party to punish the offending party, usually meant to discourage certain behaviour. Consequential damages are damages that attempt to rectify a cost of an innocent party when a breach has occurred in contract.
Would each party pay their own damages if the damages are minor in a parking lot accident?
Im sure a right and wrong party can be identified. But is it really worth it? If damages are so minimum and you and the other party can agree to take care of your own damages, then I say its a good idea.
What is considered consequential damages?
Consequential damages, otherwise known as special damages, are damages you can prove occurred because of the failure of one party to meet a contractual obligation.
Why will the courts allow an innocent party to collect damages in the case of fraud?
The innocent party has to collect damages because if fraud happens the innocent party won't be able to pay the judge for taking the case.
What is the difference between actual and compensatory damages in a legal context?
Actual damages refer to the specific financial losses or harm suffered by a party in a legal case, while compensatory damages are intended to compensate the injured party for those losses. In essence, actual damages are the quantifiable losses, while compensatory damages aim to make the injured party whole again by providing financial compensation for those losses.
Who is the indemnifying party in the contract and what liabilities are they responsible for?
The indemnifying party in a contract is the party that agrees to compensate the other party for any losses, damages, or liabilities that may arise from the contract. They are responsible for covering the costs and damages incurred by the other party due to breaches of the contract or other specified events.
What are the benefits of third party risk insurance for businesses?
Third party risk insurance provides businesses with financial protection against liabilities arising from third-party claims, such as lawsuits or damages caused by vendors, suppliers, or partners. This type of insurance helps businesses mitigate financial risks and safeguard their assets in case of unforeseen events, ultimately enhancing their overall risk management strategy.
On what basis are compensatory damages for breach of contract calculated?
Normally, compensatory damages are measured by the party's expectancy, or what the parties should have reasonably foreseen as flowing from the breach. Parties may also receive reliance damages for the expenses caused by relying on the breached contract or restitution damages for the expense of assets conferred on the breaching party.
What are the different types of damages that a court may award to an aggrieved party?
The different types of damages that a court may award to an aggrieved party include compensatory damages (to cover actual losses), punitive damages (to punish the wrongdoer), nominal damages (symbolic award when no actual loss occurred), and liquidated damages (specified in a contract).
What is the purpose of the liquidated damages clause in a local purchase order?
Liquidated damages clauses are used when it is difficult to determine the extent of damages that would result from a breach of the contract. Therefore, in the contract (or here, purchase order), the parties agree before hand the exact amount one party would owe the other party if the contract is breached. That way, the parties do not have to fight over the extent of the damages because they "agreed" up front what damages would be necessary to "make the non-breaching party whole" in the event one party breaks the contract.
