Losses

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Not to be confused with “Loss” - the baffling means of calculating a close out under the 1992 ISDA.
A favourite definition for financing lawyers, a brief one being:

Losses shall mean such losses, costs, claims, damages, expenses, liabilities, proceedings, complaints, slights, disses, grudges, low-level grumbles or other demands, allegations, insinuations, which it may incur or suffer in connection with or arising from any breach of this Agreement at any time.

In the context of contractual damages distinguish between direct losses — caused by and arising directly out of the breach of a contract — and consequential losses, being the opportunity costs and losses of profit forgone as a result of a breach.

The former are the meat and drink of a contractual litigator; the latter will get you cocked eyebrows and funny stares should you enquire about them.

See also