Minimal Damage Sample Clauses
The Minimal Damage clause limits the amount of compensation or damages that one party must pay to the other in the event of a breach or loss. Typically, it restricts recovery to only those damages that are necessary and directly caused by the breach, excluding indirect, consequential, or excessive claims. This clause helps prevent disproportionate financial liability and ensures that parties are only responsible for reasonable, foreseeable losses, thereby promoting fairness and predictability in contractual relationships.
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Minimal Damage. If prior to the Closing Date any portion of the Property is damaged or destroyed by fire or other casualty, and the cost of repair or restoration thereof shall be $500,000 or less (as established by good faith estimates obtained by Buyer which are reasonably satisfactory to Seller), this Agreement shall remain in force and Seller shall commence to repair any such damage prior to Closing, if possible.
Minimal Damage. If prior to the Closing Date any portion of the Premises is damaged or destroyed by fire or other casualty, that is not a Major Casualty (as hereinafter defined), this Agreement shall remain in force and Seller shall commence to repair any such damage prior to Closing, if possible.