limitation of remedies clause

limitation-of-remedies clause. A contractual provision that restricts the remedies available to the parties if a party defaults. • Under the UCC, such a clause is valid unless it fails of its essential purpose or it unconscionably limits consequential damages. Cf. LIQUIDATED-DAMAGES CLAUSE; PENALTY CLAUSE. [Cases: Contracts 114; Sales 418(6), 426. C.J.S. Contracts § 271; Sales §§ 281–283, 376, 402.]

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词条贡献者

资深译员Pablo，毕业于一所培养高级翻译以及跨文化事务专家的精英大学，专注翻译各种与上市公司代理有关的法律文件。