mitigation of damages

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mitigation of damages

A legal principle that those who are injured by a breach of contract have a duty to take all steps necessary to decrease their damages, rather than simply sitting idly by and suing the defaulting party for all sums due under the contract.A landlord has a duty to mitigate its damages and find another tenant for property,with the defaulting tenant to be given credit for the value of the replacement lease.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The strategy involves investments in mitigation resources and activities to reduce the potential consequences of natural disasters like floods, wildfires and hurricanes.
Count I of the complaint alleges that defendant violated Section 1024.41(h) of Regulation X of the Real Estate Settlement Procedures Act in connection with the review and subsequent appeal of plaintiff's "loss mitigation application." Count II of the complaint alleges that defendant violated Section 1639c of the Truth in Lending Act when reviewing plaintiff's loss mitigation requests.
Released last month during Building Innovation 2019; The NIBS Seventh Annual Conference in Washington, D.C., Interim Report on the Value of Mitigation is a compilation of the project team's results to this point and includes findings from a 2017 update plus Natural Hazard Mitigation Saves: Utilities and Transportation Infrastructure, released in October 2018.
He said that a town mayor from Bicol region had informed him that a former member of President Rodrigo Duterte's Cabinet had facilitated the 'parking' of P300 million for a flood mitigation project in his municipality.
The Dove Ridge Conservation Bank offers solutions for all types of future development projects, providing mitigation credits for projects in Butte and Tehama counties.
Izham was referring to illegal structures being built along or on river reserves, which impede the state's effort to conduct much needed flood mitigation works on river ways.
Discussing the feasibility of mitigation solutions, he said that solutions have an insignificant cost increase in pipeline projects.
[USPRwire, Thu Aug 30 2018] The high demand for cloud-based and hybrid DDoS protection and mitigation solutions among enterprises is expected to drive the DDoS protection and mitigation market over the next 5 years.
designed to improve compensatory mitigation practices, (3) some
It will also include analysis of the value of mitigation for new construction and retrofits.
Using the Laurel Curve project as a pilot, CDFW and Caltrans developed a model compensatory mitigation crediting system that can be used to mitigate impacts to wildlife movement for future transportation projects.