Be slow to waive consequential damages

Lawyers' Forum

By Eugene J.M. Leone

Eugene J. M. Leone is the managing partner of the Chicago office of Pircher, Nichols & Meeks. He focuses on commercial real estate matters, including joint ventures, acquisitions, dispositions, leasing, financings and workouts. Leone can be reached at eleone@pircher.com and 312-915-3113.

Posted July 27, 2015 3:05 PM

Just about every purchase and sale agreement affecting real property contains a provision titled “Waiver of Consequential Damages.” The caption and the location of these provisions, often buried in the agreement’s miscellaneous section, make them traps for the unwary purchaser.The provisions come in different shapes and sizes, but the key terminology is substantially the same from one provision to the next. “Each party hereby forever waives and releases, and covenants not to seek or retain, any …

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