Mitigation of Losses Under Contracts Law
13 Pages Posted: 21 Jun 2012 Last revised: 15 Aug 2012
Date Written: June 20, 2012
Abstract
A party who relies on a breach of contract must take such measures as are reasonable in the circumstances to mitigate the loss, including loss of profit,, resulting from the breach. If he fails to take such measures, the party in breach may claim a reduction in the damages in the amount by which the loss should have been mitigated.
Keywords: mitigation of losses, section 73 Indian contract act, abhishek kumar bansal, abhishek bansal, duty in case of breach of contract, damages on repudiation of the contract before due date
Suggested Citation: Suggested Citation
Bansal, Abhishek and Dutta, Manzra, Mitigation of Losses Under Contracts Law (June 20, 2012). Available at SSRN: https://ssrn.com/abstract=2087974 or http://dx.doi.org/10.2139/ssrn.2087974
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