Template:Nutshell DRVF 8: Difference between revisions
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{{drvfprov|8}} '''{{drvfprov|Claims for Damages and Compensation for Benefits Received}}'''<br> | {{drvfprov|8}} '''{{drvfprov|Claims for Damages and Compensation for Benefits Received}}'''<br> | ||
:{{drvfprov|8(1)}} The non-defaulting party (the '''{{drvfprov|Party Entitled to Damages}}''') may claim damages on the basis of the cost to it of [[replacement transaction]]s effected promptly. To calculate this it may seek quotes and may consider its own costs but in any case it has to take into account all {{drvfprov|Transaction}}s including those where it made a gain upon {{drvfprov|Termination}}.<br> | :{{drvfprov|8(1)}} The non-defaulting party (the '''{{drvfprov|Party Entitled to Damages}}''') may claim damages on the basis of the cost to it of [[replacement transaction]]s effected promptly. To calculate this it may seek quotes and may consider its own costs but in any case it has to take into account all {{drvfprov|Transaction}}s including those where it made a gain upon {{drvfprov|Termination}}.<br> | ||
:{{drvfprov|8(2)}} If the {{drvfprov|Party Entitled to Damages}} obtains an overall [[net]] financial benefit from terminating {{drvfprov|Transaction}}s, subject to Clause {{ | :{{drvfprov|8(2)}} If the {{drvfprov|Party Entitled to Damages}} obtains an overall [[net]] financial benefit from terminating {{drvfprov|Transaction}}s, subject to Clause {{drvfprov|9(2)}} and {{drvfprov|12(4)}}) it will owe the other party that benefit, calculated the same way as it calculated its own damages under {{drvfprov|8(1)}}, as long as it is not more than what the other party actually lost as a result of termination.<br> | ||
Latest revision as of 18:45, 20 January 2020
8 Claims for Damages and Compensation for Benefits Received
- 8(1) The non-defaulting party (the Party Entitled to Damages) may claim damages on the basis of the cost to it of replacement transactions effected promptly. To calculate this it may seek quotes and may consider its own costs but in any case it has to take into account all Transactions including those where it made a gain upon Termination.
- 8(2) If the Party Entitled to Damages obtains an overall net financial benefit from terminating Transactions, subject to Clause 9(2) and 12(4)) it will owe the other party that benefit, calculated the same way as it calculated its own damages under 8(1), as long as it is not more than what the other party actually lost as a result of termination.