Specified Damages Sample Clauses
The Specified Damages clause sets out predetermined amounts that one party must pay to the other if certain breaches or failures occur under the contract. Typically, this clause applies to situations where actual damages would be difficult to calculate, such as delays in project completion or failure to meet performance standards. By establishing clear, agreed-upon compensation in advance, the clause provides certainty for both parties and helps avoid disputes over the extent of damages, thereby streamlining the resolution process and allocating risk fairly.
Specified Damages. The Defaulting Party shall pay all damages and expenses incurred by the Non-defaulting Party as a result of the termination of this Agreement under Section 8.3 arising out of or in connection with any collection, bankruptcy, insolvency, or other enforcement proceedings resulting from the occurrence of the Specified Event giving rise to such termination. Payment of such damages and expenses shall be the Defaulting Party's only liability, and the Non-defaulting Party's sole remedy and exclusive claim, as a result of the Specified Event and the resulting termination of this Agreement under Section 8.3 as between the Non-defaulting Party and the Defaulting Party.