Common use of Sole Remedy and Release of Claims Clause in Contracts

Sole Remedy and Release of Claims. (i) Without limiting the Developer’s rights with respect to non-monetary relief for Delay Events, the Developer Damages as determined according to this Section 14.01 will represent the sole right to compensation and damages for the adverse effects of a Compensation Event. (ii) As a condition precedent to the Department’s obligation to compensate any portion of the Developer Damages, following a determination of the Developer Damages, the Developer will execute a full, unconditional, irrevocable release, in form reasonably acceptable to the Department, of any Claims, Losses or other rights to compensation or other monetary relief associated with such Compensation Event, except for (A) the Claim and right to the subject Developer Damages, (B) the Developer’s right to non-monetary relief for a Delay Event and (C) the right to terminate this Agreement in accordance with Article 20 and to receive any applicable termination compensation.