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A reservation of rights clause is a statement of intention that reserves a party’s full legal rights under an agreement or contract, and advises the other party(ies) of the fact by putting them on notice. A reservation of rights clause can also reserve rights to remedies, under the law and at equity, as well as in the contract.
A reservation, commonly referred to as an exception, is a clause or provision in a contract or legal document that allows a party to retain certain rights or exclude specific obligations under particular circumstances.
In the Reservation of Rights Letter, GSSLG reserved its right to foreclose or otherwise realize on any or all of the collateral under the security agreement or as appropriate, set-off or apply to the payment of any or all of the obligations under the Credit Agreement, any or all of the collateral.
The Energydrive judgment provides some comfort to creditors who reserve their rights of ownership. It also emphasises the importance of seeking proper legal advice when entering into commercial agreements to ensure that all your rights are properly protected in the event of further financial distress of your co-contracting party.
by Practical Law Commercial. A letter for use where a party has become aware of facts which may amount to breach of contract, needs time to investigate and consider its options, and wishes in the meantime to reserve its rights to terminate or enforce the contract.
A reservation purports to exclude or modify the legal effect of certain provisions of a treaty or of the treaty as a whole with respect to certain specific aspects in their application to the...
A reservation in international law is a caveat to a state's acceptance of a treaty. A reservation is defined by the 1969 Vienna Convention on the Law of Treaties (VCLT) as: a unilateral statement, however phrased or named, made by a State, when signing, ratifying, accepting, approving or acceding to a treaty, whereby it purports to exclude or ...
