Claims for Monetary Damages Clause Samples
The "Claims for Monetary Damages" clause defines the process and conditions under which a party may seek financial compensation for losses or breaches under the agreement. Typically, this clause outlines the types of damages that can be claimed, any limitations or exclusions (such as caps on liability or exclusion of indirect damages), and the procedures for submitting a claim. Its core practical function is to provide a clear framework for resolving financial disputes, ensuring both parties understand their rights and obligations regarding compensation, and reducing uncertainty in the event of a breach.
Claims for Monetary Damages. The Parties expressly acknowledge and agree that the Dispute Process set forth in Article 9 of the ACCA is the exclusive means by which the Parties will resolve Disputes, and in the event of any Dispute that the Parties are unable to resolve to their mutual satisfaction pursuant to the Dispute Process, including, without limitation, any claim that a Party has failed to participate in the Dispute Process in good faith, such Dispute may be addressed and the Parties may be adequately compensated through a claim for monetary damages. Accordingly, except as otherwise specifically set forth in Section 9.1.3(5) of the ACCA, no Party shall be entitled, at law or in equity, to enforce any provision of this Agreement by a decree of specific performance, temporary, preliminary, or permanent injunctive, or other equitable relief to resolve any Dispute arising under this Agreement, and the Parties expressly waive any rights they may otherwise have to pursue such equitable relief. In the event that any Party elects to incur legal expenses to pursue a claim for monetary damages under this Agreement, the prevailing Party will be entitled to recover such legal expenses, including, without limitation, reasonable attorneys’ fees, costs and necessary disbursements, in addition to such other money damages to which such Party shall be entitled.
Claims for Monetary Damages. Borrowers hereby (i) waive any claim that Borrowers may have against any of the Indemnified Parties based upon any assertion that any such Indemnified Party has acted unreasonably or that any such Indemnified Party has unreasonably withheld or unreasonably delayed any action, in each case, to the extent that such Indemnified Party had an obligation, either at law or pursuant to the Loan Documents, the Affiliate Guaranty (Portfolio Borrowers), or the Third Mortgages to act reasonably and (ii) agree that the sole remedy of Borrowers based upon any such claim against any of the Indemnified Parties shall be an action for specific performance, injunctive relief or declaratory judgment. Borrowers hereby further agree that the Indemnified Parties shall not be liable for any monetary damages (including compensatory, consequential or punitive damages) in respect of any such claim by Borrowers and that Borrowers’ sole remedy in respect of any such claim shall be limited to specific performance, injunctive relief or declaratory judgment.