Mitigation 15 Clause Samples
The Mitigation 15 clause requires parties to take reasonable steps to reduce or minimize losses or damages that may arise from a breach or other adverse event under the contract. In practice, this means that if one party suffers harm due to the other’s actions, the affected party must act prudently to prevent the situation from worsening, such as seeking alternative suppliers or services if a delivery is missed. The core function of this clause is to prevent unnecessary escalation of losses and to ensure that damages claimed are not inflated by avoidable inaction, thereby promoting fairness and efficiency in resolving contractual disputes.
Mitigation 15. 1.1. Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of clause 7.1 (Illegality), clause 12 (Tax Gross- up and Indemnities) or clause 13 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.
Mitigation 15. 8.1 Each Lender shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under, or cancelled pursuant to, any of Clause 15.1 (Illegality), Clause 15.2 (Increased Costs) or Clause 16.5 (Withholdings) including (but not limited to) transferring its rights and obligations under the Financing Documents to another Affiliate or Facility Office. 15.