Section 73 of the Indian Contract Act, 1872 [“the Act”] envisages the general principle of law that a party which has suffered losses in consequence of a breach of contract is entitled to receive compensation for losses incurred by it from the party which has committed the breach. Section 74, on the other hand is… Continue reading Compensation vis-à-vis Section 74 of Contract Act
Tag: Contract Act
Enforceability of No Damage Clauses in the Contract
Section 73 of the Indian Contract Act, 1872 [“the Contract Act”] embodies the settled principle of law that a party is entitled to receive compensation from the party that has breached the contract on the account of which the innocent party has suffered losses. This position of law is a driving force for the parties… Continue reading Enforceability of No Damage Clauses in the Contract
Validity of Employment Bonds in India
In contracts of employment, often certain clauses are inserted in the agreement which are in the form of negative covenants that bind the employee to the company for a particular period of years and debars the employee for such period from seeking employment in another firm which is carrying on a similar trade practice to… Continue reading Validity of Employment Bonds in India