REDRESS VALUE Clause Samples
The REDRESS VALUE clause defines the amount or method of compensation that a party is entitled to receive in the event of a breach, loss, or other specified circumstance under the contract. Typically, this clause outlines how the value is calculated—such as referencing market value, replacement cost, or a predetermined sum—and may specify the timing and manner of payment. Its core practical function is to provide a clear and agreed-upon mechanism for financial redress, thereby reducing disputes and uncertainty if compensation becomes necessary.
REDRESS VALUE. 5.1 For the purposes of establishing:
5.1.1 a diminution in value of the Commercial Redress Property under paragraphs 4.2.1(a) or 4.2.2; or
5.1.2 the amount of any damages arising out of a breach by the Crown of any of its obligations under this Part 2 in respect of the Commercial Redress Property, the Redress Value of the Commercial Redress Property will be treated as the value of that property immediately before the relevant event or breach.
5.2 To avoid doubt, the Parties acknowledge that the Redress Value of the Commercial Redress Property will not be affected by:
5.2.1 any addition or variation to the Relevant Encumbrance agreed in writing by the Crown and the Governance Entity under paragraph 1.2; or
5.2.2 any variation to a Relevant Encumbrance agreed by the Crown and the Governance Entity under paragraph 2.2.1.
REDRESS VALUE. 5.1 For the purposes of establishing the amount of any damages arising out of a breach by the Crown of any of its obligations under this part [of the deed schedule] in respect of the settlement licensed land, the redress value for the settlement licensed land will be treated as its value immediately before the relevant event or breach.
5.2 To avoid doubt the parties acknowledge that the redress value of the settlement licensed land will not be affected by:
5.2.1 any addition or variation to the relevant encumbrances agreed in writing by the Crown and the governance entity under paragraph 1.2; or
5.2.2 any variation to a relevant encumbrance agreed by the Crown and the governance entity under paragraph 2.1.1.