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Events of default are common in loan agreements or debt instruments. An event of default entitles the lender to cancel the facility and/or declare all amounts owing by the borrower to be immediately due and payable.
A default is a failure to comply with a provision in the lease. Curing or remedying the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
An exclusive remedies clause limits the owners right to recover for any failure of the contractor to fulfill its contractual obligations to those remedies specified in the contract.
Under UCC Article 2-719, parties to a sales contract are free to modify, alter, substitute or limit a buyers remedies, including the limitation or exclusion of consequential damages.
Under UCC Article 2-719, parties to a sales contract are free to modify, alter, substitute or limit a buyers remedies, including the limitation or exclusion of consequential damages. But there are exceptions. The exceptions are what courts have struggled with.
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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.
EXCEPT IN THE CASE OF FRAUD, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR LOSS OF PROFITS, OR ANY SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES, HOWEVER CAUSED, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
Defaulting on a loan happens when repayments arent made for a certain period of time. When a loan defaults, it is sent to a debt collection agency whose job is to contact the borrower and receive the unpaid funds.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement.
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.

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