MITIGATION AND RESCISSION Clause Samples
The "Mitigation and Rescission" clause defines the parties' obligations to minimize damages and the circumstances under which a contract may be undone. In practice, this clause requires a party suffering a breach or loss to take reasonable steps to reduce the impact of that loss, and it may outline the process for rescinding the agreement if certain conditions are met, such as material misrepresentation or fundamental breach. Its core function is to ensure fairness by preventing unnecessary losses and providing a clear mechanism for unwinding the contract when continuing would be unjust.
MITIGATION AND RESCISSION. 1.1 The Purchaser shall, and shall procure that the Company shall, take all reasonable steps to avoid or mitigate any loss or liability which may give rise to a Relevant Claim.
1.2 The Purchaser agrees that rescission shall not be available as a remedy for any breach of this agreement and agrees not to claim that remedy.
MITIGATION AND RESCISSION. 2.1 The Buyer shall, and shall procure that the Company and each of the Subsidiaries shall, upon becoming aware of a Claim becoming reasonably likely, take all reasonable steps to mitigate, minimise and, if possible, avoid, any loss or liability relating to such Claim.
2.2 The Buyer agrees that except as provided in clause 5.5 rescission shall not be available to it as a remedy for any breach of this agreement and agrees not to claim that remedy. The Buyer agrees that rescission shall not, in any event, be available to it as a remedy after Completion.
MITIGATION AND RESCISSION. 10.1 The Buyer shall (and shall procure that the Target Company, any Target Group Company and every other member of COGO Group shall) take all reasonable steps to avoid or mitigate any loss or liability suffered or incurred by it which could give rise to a Relevant Claim.
10.2 The Buyer agrees that rescission shall not be available as a remedy for any Relevant Claim and it agrees not to seek that remedy.
MITIGATION AND RESCISSION a. The Purchaser shall (and shall procure that each Acquired Group Member and every other member of the Purchaser’s Group shall) take all reasonable steps to avoid or mitigate any loss or liability suffered or incurred by it which could give rise to a claim.
MITIGATION AND RESCISSION. The Buyer will (and will procure that the Company, AILIL, BLW and every other member of the Buyer's Group will) take all reasonable steps to avoid or mitigate any loss or liability suffered or incurred by it which could give rise to a Claim. The Buyer agrees that rescission is not available as a remedy for any Claim and it agrees not to seek that remedy.
MITIGATION AND RESCISSION. 3.1 Nothing in this schedule shall restrict or limit a Buyer's general legal obligation to mitigate any loss or liability it may suffer in consequence of any matter giving rise to a Claim Provided That that Buyer shall not be required to do any act which it is agreed under this schedule it is not obliged to do.
3.2 The Buyers agree that, save in the event of fraudulent misrepresentation, rescission shall not be available as a remedy for any breach of this agreement and agrees not to claim that remedy.