The following Dispute Resolution practice note Produced in partnership with Zainab Hodgson and Kavidha Clare of CMS provides comprehensive and up to date legal information covering:
This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.
For guidance on contractual damages generally, see Practice Note: Contractual damages—general principles.
For guidance on claiming damages for non-financial loss for breach of contract, see Practice Note: Contractual damages—non-pecuniary losses.
Recoverable damages in respect of pecuniary losses are:
expectation-based damages (also known as ‘loss of bargain’ damages)
consequential loss damages
‘Expectance-based damages’ are generally used for the calculation of damages.
These are awarded to compensate the innocent party and put them back into the same position as they would have been had the contract been satisfactorily performed and the breach had not occurred. The measure of such damages is the net value of the benefit the claimant failed to get.
they can be based on a claim for potential lost profit, where the seller of a business warrants that the profits of the business will reach a certain level in the course of the next year and they do not (such 'warranty claims' are often considered in the months following a business sale or share purchase, see Practice Note: Starting an SPA breach of warranty claim—a practical guide)
where goods with a certain market value were due to be delivered for
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BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
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