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What is the difference between damages and equitable remedies?

While legal remedies typically involve monetary damages, equitable relief typically refers to injunctions, specific performance, or vacatur. A court will typically award equitable remedies when a legal remedy is insufficient or inadequate.

What is a limitation of damages clause?

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.

Can you limit damages in a contract?

Certain contract terms can limit liability exposure from potential lawsuits and other claims that may arise. These terms are generally found in limited liability clauses. Certain contractual terms can also limit damages, such as a liquidated damages clause.

When there is a bdocHub of contract there are two types of remedies?

The two categories of remedies for bdocHub of contract are legal and equitable. In the legal category are damages; in the equitable category are specific performance, injunctions, and restitution.

What is a limitation of liability clause?

Limitation of liability clauses are an important contractual tool designed to manage overall risk by limiting a partys potential liability for damages. This clause can be the most important term in a contract and should be carefully reviewed and understood. Often, limitations of liabilities are highly negotiated.

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