Strict performance Definition. Literal performance with the terms of an agreement.
Full Answer
What does strict performance mean in a contract?
Strict Performance. Failure by any party to this Contract to insist in any one or more cases upon the strict performance of any of the terms, covenants, conditions, or provisions of this Contract shall not be construed as a waiver or relinquishment of any such term, covenant, condition, or provision.
What happens if the other party fails to perform strict performance?
The failure of either party at any time to demand strict performance by the other party of any of the terms of this contract will not be construed as a waiver of any such term, and either party may at any time demand strict and complete performance by the other party. Strict Performance.
What is a specific performance?
The term “specific performance” refers to literal performance of one’s obligations under a contract. Should a party default on his obligation, a court may issue an order for specific performance, requiring a party to perform a particular action.
What is a strict performance waiver?
Strict Performance. No failure by either party to insist upon the strict performance of any covenant, agreement, term or condition of this Agreement or to exercise a right or remedy shall constitute a waiver.
What is strict performance in a contract?
Obtaining Specific Performance in a Breach of Contract Specific performance is a legal remedy that binds the parties of a contract to the terms of the contract. Specific performance asserts that parties to a contract are to perform the exact terms of the contract as they promised to do when then contract was signed.
What is an example of specific performance?
A specific performance example is when a party defaults on its contractual obligation and is ordered by the court to fulfill said obligations. An alternative to the much more common award of monetary damages, specific performance is an injunction on a contract dispute often involving sensitive material or real estate.
What are the 3 types of performance of a contract?
Performance of a contract relieves a person from further duties under the contract. There are three levels of performance: Complete Performance, Substantial Performance, and Breach.
What does specific performance mean in law?
A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm. Most commonly ordered in cases involving real property and rare chattels.
What is meant by specific performance?
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. Specific performance is commonly used in the form of injunctive relief concerning confidential information or real property.
What is partial performance?
Partial performance is short of full performance spelled out in the contract, but if the contract provided for a series of acts or deliveries with payment for each of the series, there may be partial recovery for what has been performed or delivered even if there is not full performance. See also: specific performance.
What are the types of performance?
Here are some types of performance appraisals:Negotiated appraisal. ... Management by objective (MBO) ... Assessment center method. ... Self-appraisal. ... Peer reviews. ... Customer or client reviews. ... Behaviorally anchored rating scale (BARS) ... Human resource accounting method.
What are the two modes of performance in contract?
Performance of a contract is one of the methods of discharge of a contract. The performance may be of two types: (a) actual performance and (b) attempted performance. An actual performance of a contract means performing all the promises and fulfilling all the liabilities by all the parties.
How do you use performance standards?
A company's performance standards outline the expectations of its employees, including their roles and how they should act while in the workplace. Employers typically give new employees these standards while they're onboarding to explain common employee goals and requirements.
Who can claim specific performance?
1. Any party: Illustration: In a contract, there are two parties, A and B. Therefore, either of the parties can obtain specific performance of the contract.
What is the difference between injunction and specific performance?
Injunction Injunctions serve a similar purpose as specific performance. The difference is that with specific performance, the court orders a party to do something. With an injunction, the court often orders a party not to do something. An injunction may be permanent or temporary.
What does sue for specific performance mean?
Specific performance is a specialized remedy used by courts when no other remedy (such as money) will adequately compensate the other party. If a legal remedy will put the injured party in the position he or she would have enjoyed had the contract been fully performed, then the court will use that option instead.
What is strict performance?
The failure, at any time or times hereafter, to require strict performance by Borrower of any provision of this Agreement shall not waive, affect or diminish any right of Lender thereafter to demand strict compliance and performance therewith. Any suspension or waiver by Lender of any Default or Event of Default by Borrower under this Agreement or any other Loan Document shall not suspend, waive or affect any other Default or Event of Default by Borrower under this Agreement or any other Loan Document, whether the same is prior or subsequent thereto and whether of the same or a different type.
Is delay or omission of lender to exercise any right, power or remedy accruing upon the happening of an
No delay or omission of Lender to exercise any right, power or remedy accruing upon the happening of an Event of Default shall impair any such right, power or remedy or shall be construed to be a waiver of any such Event of Default or any acquiescence therein.
