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Credits

Sponsored by Lorman Education
Product ID: 407587EAU
 
Credit & Course Provided by:

Purchasing Contract Remedies

OnDemand Webinar (89 minutes)

Learn to design and negotiate contracts that keep you covered even under unforeseen circumstances.Procurement is a vital organizational function for any company. Vendor relationships provide access to vital goods and services to purchasing organizations but are also potential points of failure for those organizations. For vendors, the costs associated with a single failed customer relationship can wipe out the margins from a multitude of successful relationships. For purchasers, this topic will educate you about the remedies that your organization can negotiate for and obtain in the event that a vendor fails to deliver as promised. For vendors, this topic will give you tools to mitigate the risk of a failed customer relationship while at the same time offering customers good faith recourse in the event of problems with the transaction or relationship.

Authors

Francis X. Taney Jr., Taney Legal LLC

Agenda

Monetary Remedies

• Direct Damages

• Consequential Damages

• Punitive Damages

• Statutory Damages

• Liquidated Damages

Equitable Remedies

• Specific Performance

• Mandatory Injunction

• Prohibitive Injunction

• Rescission

• Reformation

• Replevin

Performance-Based Remedies

• Repair or Replace

• Substituted Performance

• Cover

• Transition Assistance

• Other

Limitation of Remedies

• Notice of and Opportunity to Cure Breach

• Duty to Mitigate Damages

• Contractual Limitations on Monetary Damages Recoverable

• Contractual Limitations on Non-Monetary Remedies

• Liquidated Damages Clauses

Calculation of Damages

• Calculation of Compensatory Damages

• Calculation of Consequential Damages

• Calculation of Punitive Damages

• Agreed Upon Calculation Methods

• Lost Profits/Disgorgement