What does cure cost mean?

What does cure cost mean?

Cure Cost means the amounts, including, where applicable, an amount of $0.00, required to cure any and all monetary defaults under an Executory Contract or Unexpired Lease (or such lesser amounts as may be agreed upon by the parties to an Executory Contract or Unexpired Lease) that is to be assumed by the Debtors …

What is the right to cure law?

The legal right to cure is essentially a principle found in contract law that allows one party in a contract, who has defaulted under a contract provision, to remedy their default by taking steps to ensure compliance or otherwise, cure the default.

What is meant by the cost of cure when assessing damages?

For example, in the case of a contract for the building of a house, if the contract was breached due to the unsatisfactory quality of the house, and it was going to cost £5,000 to get the house in a satisfactory state, the damages would amount to this cost. This is known as the ‘cost of cure’ approach.

What is difference in value contract law?

DIFFERENCE IN VALUE (INDEMNITY) And it is the general intention of the law that, in giving damages for breach of contract, the party complaining should, so far as it can be done by money, be placed in the same position as he would have been in if the contract had been performed That is a ruling principle.

What does cure mean legally?

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In the context of contract law, the term “cure” means to correct or remove a defect that would be considered a breach by the curing party. For example, a landlord may give the tenant a set amount of time to correct, or cure, a lease violation or face an eviction lawsuit.

What happens if you don’t cure a default?

Once you default on your mortgage loan, the lender can demand that you repay the entire outstanding balance, called “accelerating the debt.” If you don’t repay the full loan amount or cure the default, the lender can foreclose.

What are the 3 types of damages?

There are 3 types of damages are: economic, non-economic, and exemplary.

What are the 3 remedies at law?

Monetary awards (called “damages”), specific performance, and restitution are the three principle remedies.

How much is cure damages?

The focus of this article is on an aspect of this complexity that arises in relation to one of the two main measures of compensatory damages, cost of cure damages. 2 This measure compensates the additional expenditure incurred by the injured promisee in order to obtain the performance that he bargained for.

What is cost of cure in law?

Cost of cure represents the cost of substitute or remedial work acquired to put the claimant in the position he would have been in if the contract had been properly performed.

What does cure mean in a contract?

In the context of contract law, the term “cure” means to correct or remove a defect that would be considered a breach by the curing party. For example, a landlord may give the tenant a set amount of time to correct, or cure, a lease violation or face an eviction lawsuit.

What does it mean to cure an account?

Related Definitions Cure Account means the deposit account in the name of the Borrower with the Account Bank designated by the Borrower and the Agent as the “Cure Account” and includes any replacement of that Account.

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