LIMITATION-OF-REMEDIES CLAUSE

limitation-of-remedies clause.A contractual provision that restricts the remedies available to the parties if a party defaults. • Under the UCC, such a clause is valid unless it fails of its essential purpose or it unconscionably limits consequential damages. Cf. LIQUIDATED-DAMAGES CLAUSE; PENALTY CLAUSE. [Cases: Contracts  114; Sales  418(6), 426.C.J.S. Contracts § 271; Sales §§ 281–283, 376, 402.]
[Blacks Law 8th]