Common use of Damages If Buyer Defaults Clause in Contracts

Damages If Buyer Defaults. If the Buyer shall fail to fulfill the Buyer’s agreements herein, all deposits made hereunder by the Buyer shall be retained by the Seller as liquidated damages and this shall be the Seller’s sole and exclusive remedy at law or equity. The Buyer and Seller agree that in the event of default by the Buyer the amount of damages suffered by the Seller will not be easy to ascertain with certainty and, therefore, Buyer and Seller agree that the amount of the Buyer’s deposit represents a reasonable estimate of the damages likely to be suffered. In the event that Seller defaults under this Agreement, all of the conditions to be met by Buyer having been satisfied, then Buyer’s sole remedies at law or in equity will be to either (a) seek specific performance of the Agreement; (b) rescind this Agreement in writing, in which event the all deposits hereunder (other than advance payments for Upgrades or Change Orders under Section 3 above) will be returned to Buyer and neither party will have any further recourse, rights or duties hereunder, or (c) elect to proceed with said sale, as though all of the conditions to be met by Seller had been satisfied by the Seller without any further liability to Seller and without any reduction in the Purchase Price or credit to the Buyer. In no event will the Seller be liable beyond such remedy so elected by the Buyer, or for enhanced or consequential damages.

Damages If Buyer Defaults. If the Buyer shall fail to fulfill the Buyer’s agreements herein, all deposits made hereunder by the Buyer shall be retained by the Seller as liquidated damages and this shall be the Seller’s sole and exclusive remedy at law or equity. The Buyer and Seller agree that in the event of default by the Buyer the amount of damages suffered by the Seller will not be easy to ascertain with certainty and, therefore, Buyer and Seller agree that the amount of the Buyer’s deposit represents a reasonable estimate of the damages likely to be suffered. In the event that Seller defaults under this Agreement, all of the conditions to be met by Buyer having been satisfied, then Buyer’s sole remedies at law or in equity will be to either (a) seek specific performance of the Agreement; (b) rescind this Agreement in writing, in which event the all deposits hereunder (other than including advance payments for Upgrades or Change Orders under Section 3 above) will be returned to Buyer and neither party will have any further recourse, rights or duties hereunder, or (c) elect to proceed with said sale, as though all of the conditions to be met by Seller had been satisfied by the Seller without any further liability to Seller and without any reduction in the Purchase Price or credit to the Buyer. In no event will the Seller be liable beyond such remedy so elected by the Buyer, or for enhanced or consequential damages.