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Can you summarize NHRS 382-A:2A-503?
UNIFORM COMMERCIAL CODE > Modification or Impairment of Rights and Remedies.
Short Summary
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), pertains to the modification or impairment of rights and remedies in lease agreements. The lease agreement may include additional or alternative rights and remedies for default, and may limit or alter the measure of damages recoverable under the Uniform Commercial Code. Resorting to a remedy provided in the lease agreement or under the Uniform Commercial Code is optional, unless the remedy is expressly agreed to be exclusive. If an exclusive or limited remedy fails its essential purpose or is deemed unconscionable, the remedy provided in the Uniform Commercial Code may be sought. Consequential damages may be liquidated, limited, altered, or excluded, unless such limitation, alteration, or exclusion is unconscionable. However, the rights and remedies on default by the lessor or lessee with respect to any collateral or ancillary obligations or promises are not impaired by this provision.
Whom does it apply to?
Lessors and lessees involved in lease agreements governed by the Uniform Commercial Code
What does it govern?
Modification or impairment of rights and remedies in lease agreements under the Uniform Commercial Code (Chapter 382-A)
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire