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.]

---

词条贡献者

双语律师William，国内知名法学院金融专业，擅长翻译各类与投资基金、投资顾问及金融衍生工具相关的法律文件。