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Acceptance Notice of Claims and Limitation of Remedies

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INSTALLMENT PURCHASE AND SECURITY AGREEMENT
WITH LIMITED WARRANTIES

1. PARTIES:

Seller:

Buyer:

2. HORSE(S) PURCHASED: The Seller hereby agrees to sell and the Buyer hereby agrees to buy, upon the terms and conditions set forth, the following described horse(s), hereinafter referred to as "the horse(s)."

With foal at side by
in foal to

3. PURCHASE PRICE: The total purchase price shall be , payable according to the following terms:

Buyer shall maintain the purchased horse(s) in (city) in the State of .

Registration papers shall be delivered to Buyer only upon full payment of all principal and interest due.

4. WARRANTY OF PEDIGREE AND REGISTRATION: Seller warrants the description stated above.

5. LIMITED WARRANTY PURCHASE: Buyer accepts the horse(s) with only those warranties set forth below and subject to any and all other faults or defects that may now exist or subsequently appear. Express warranties:

The express warranties above are exclusive of all others. ALL IMPLIED WARRANTIES OF FITNESS, MERCHANTABILITY AND OTHERWISE ARE EXCLUDED.

6. All parties signing as Buyer are jointly and severally liable for all obligations of this contract, as principals, not as guarantors.

7. PREPAYMENT PRIVILEGE: Buyer may prepay any portion of the unpaid principal balance at any time. Prepayments shall apply to the last principal installments falling due.

8. ACCEPTANCE, NOTICE OF CLAIMS AND LIMITATION OF REMEDIES: Buyer accepts the horse(s) by signing this contract, and risk of loss passes immediately. Buyer is responsible for all board, veterinary and transportation expenses after the date hereof. Buyer shall make no claim for any breach of this contract, for recission or revocation, nor for any warranty, misrepresentation, mistake or other tort, unless Buyer first notifies Seller in writing of the basis and nature of the claim within thirty (30) days of the date of this contract. Buyer's remedies in contract, tort or otherwise are limited to refund of all amounts paid, upon return of the horse(s) to Seller. ALL INCIDENTAL AND CONSEQUENTIAL DAMAGES ARE EXCLUDED to the full extent permitted by law.

9. BUYER'S WARRANTIES: Buyer shall provide adequate feed, shelter, worming, vaccinations, veterinary care and farrier care. Buyer shall keep the horse(s) free of all liens and encumbrances and pay all taxes levied with respect to the horse(s) when due. Buyer shall be responsible for all sales, transaction privilege and other taxes that may imposed as a result of this transaction. Buyer warrants that this purchase is for business or commercial purposes rather than for personal use. Buyer shall not remove the horse(s) from the County identified in Paragraph 1 above for longer than three (3) months unless Seller is given advance written notice of the new location.

10. INSURANCE AND INDEMNIFICATION: Buyer shall promptly obtain and maintain "full mortality" livestock insurance in an amount not less than any unpaid balance on this contract, naming Seller as additional loss payee to the extent of Seller's interest. Buyer shall provide Seller proof of such insurance, from a company acceptable to Seller, upon execution of this contract and upon each renewal. Buyer shall indemnify Seller against any claims arising out of this contract or related in any way to the horse(s), including the expenses of defending any such claim.

11. SECURITY INTEREST: To secure performance of all obligations of this contract, Buyer grants Seller a security interest in the horse(s) and all its offspring, produce and proceeds, including all foals born or in utero on or after the date hereof. Buyer shall execute such documents and perform such acts as may be required for Seller to perfect the security interest and insure its validity and enforceability, including but not limited to execution of UCC-1 Financing Statement. Seller is also authorized to file or record a photocopy of this contract as a financing statement.

12. BUYER'S DEFAULT AND CURE: Should Buyer default in the timely payment of any principal or interest, or fail to fulfill any other obligation of this contract, the entire unpaid balance shall, upon written notice to Buyer of late payment or other default, automatically become due and payable together with interest on all amounts due at the rate of eighteen percent (18%) per annum, or the highest legal rate, whichever is less, from the date of such default until paid. Buyer may cure the default and reinstate the installment payment schedule within thirty (30) days of the mailing of the first notice of late payment or other default. Time is of the essence.

13. SELLER'S REMEDIES ON DEFAULT: Upon any default by Buyer that is not timely cured following proper notice, Seller shall have all rights and remedies provided by law, cumulatively, successively or concurrently, including but not limited to the following. Seller may take possession of the horse(s) without further notice to Buyer and without legal process, to the extent permitted by law. Seller may require Buyer, and Buyer hereby agrees, to make the horse(s) available to Seller at the location of this sale or other place convenient to both parties. To protect the collateral, Seller may pay any taxes or liens levied on the horse(s) and may provide insurance, feed, shelter, conditioning, worming, vaccinations, veterinary care or farrier care on Buyer's behalf and add such costs and expenses to the principal amount due under this contract. Seller may resell by public or private sale; if by private sale, Seller's customary methods of attracting potential buyers without public advertising shall be deemed reasonable. Ten (10) days' notice shall be deemed reasonable notice of resale. No delay or omission by Seller in exercising any right or remedy shall operate as a waiver of that or any other right or remedy, and no waiver of any Buyer's breach of Seller's right or remedy shall be deemed a waiver of any other or future breach, right or remedy.

14. NON-ASSIGNABILITY AND DUE ON SALE: Buyer's interest in the horse(s), foal(s), breeding right(s) and other rights and obligations under this contract may not be assigned or sold without Seller's prior written consent, which shall not be unreasonably withheld. All amounts due hereunder shall become immediately due and payable without notice if Buyer should sell or assign Buyer's interest in the horse(s), foal(s), breeding right(s), or obligations under this contract, or purport to do so, without Seller's prior written consent.

15. NOTICES: All notices, requests and consents required or permitted by this contract or for any other purpose shall be in writing, signed and personally delivered or mailed by registered or certified U.S. Mail to the appropriate address specified in paragraph 1 above, or such other address of which the sender has been given written notice.

16. APPLICABLE LAW, JURISDICTION AND ATTORNEY'S FEES: This contract shall be construed and governed by the laws of the state identified above the signature lines. At the option of Seller, jurisdiction and venue for any dispute arising under or in relation to this contract shall be only in the county and state identified above the signature lines. In the event lawsuit is brought with respect to this contract or Seller engages an attorney to repossess the horse(s), or collect amounts due, the prevailing party shall be entitled to reasonable attorneys' fees.

17. ENTIRE AGREEMENT AND SEVERABILITY: This contract contains the entire understanding of the parties concerning its subject matter; there are no oral or written promises or representations upon which Buyer is relying except as expressly set forth herein. This contract may be modified only in writing executed by both Buyer and Seller. Headings are for convenience only and are not part of this contract. The invalidity or unenforceability of any term or clause of this contract shall not affect the validity and enforceability of any other terms or clauses, but otherwise this contract is indivisible notwithstanding allocation of prices the parties may agree upon for tax, insurance or other reasons.

Dated at
, North Carolina.

SELLER

BUYER has read and accepts all
terms appearing on all pages of
this contract.

©2017 - Cottonwood Equestrian Publications

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What this Acceptance Notice of Claims and Limitation of Remedies is

The Acceptance Notice of Claims and Limitation of Remedies is a formal contractual notice used to accept, resolve, or limit claims between parties and to define the exclusive or capped remedies that follow. It typically records which claims are accepted, any monetary or non-monetary settlements, and the scope of remedies retained or waived. Parties use it to create clear closing mechanics for disputes, avoid future litigation over the same matters, and document mutual releases or limitations consistent with the underlying agreement.

Why a clear acceptance notice matters

A precise notice reduces ambiguity about which claims are resolved and what remedies remain available, lowering the risk of later disputes and litigation while creating an auditable record of parties’ agreements.

Why a clear acceptance notice matters

Who typically prepares and relies on this notice

The document creates a discrete record that both operational teams and legal counsel can rely on for enforcement and audit purposes.

  • Contractors and vendors negotiating final settlement terms after contract performance or a disputed change order.
  • Purchasers, owners, or project managers documenting accepted claims and limiting future remedies for project closeout.
  • Legal and compliance teams ensuring the notice aligns with release language and corporate authorization requirements.

Typical signers and their roles

Claims Administrator

A claims administrator or contract manager often prepares the notice, compiles the factual basis and supporting attachments, coordinates internal approvals, and ensures the accepted claims match internal records before execution.

Authorized Signatory

An authorized corporate officer or contracting officer signs to bind the entity; the signer must have delegation authority and be able to demonstrate signatory power if the notice is later challenged.

Core components to include in a professional notice

A professionally drafted Acceptance Notice of Claims and Limitation of Remedies includes clear identification of parties, an inventory of accepted claims, precise remedy limits, and procedures for future disputes and enforcement.

Parties

Full legal names and contact information for each party, including corporate identifiers, addresses, and authorized representative names to avoid ambiguity in enforcement or service.

Claim Inventory

A concise list of each accepted claim with brief factual summaries, reference to contract sections, and any assigned claim numbers for internal tracking and audit.

Acceptance Language

Unambiguous statements confirming which claims are accepted, whether acceptance is partial or full, and the effective date of acceptance to fix rights and obligations.

Limitation of Remedies

Specific caps, exclusive remedies, or waiver language that narrows recovery to agreed forms such as replacement, repair, credit, or capped monetary damages.

Consideration

Description of consideration provided in exchange for acceptance or limitation, whether a payment amount, credit, or other mutually agreed performance.

Integration and Release

A clause clarifying whether the notice constitutes a release, its scope, and how it interacts with the main contract and any survival provisions.

Essential fields to capture

Effective Date: MM/DD/YYYY
Party Names: Full legal names
Claim IDs: Internal or contract reference
Remedy Type: Repair, credit, or money
Monetary Cap: Fixed dollar amount
Signatures: Signer name and date

Step-by-step: fill and execute the notice

Follow these sequential steps to prepare, review, and finalize an acceptance notice with clarity and auditability.

  • 01
    Gather records: Collect contracts, claim files, and supporting documents.
  • 02
    Draft notice: Populate identified fields with precise language.
  • 03
    Internal review: Route to legal and finance for approvals.
  • 04
    Execute and archive: Sign, date, and store final copy securely.

How to configure the online signing workflow

Map roles and authentication steps before sending the notice for signature to ensure proper attribution and audit trails.

Signer Order Sequential or parallel signing as required
Authentication Email link, SMS code, or stronger ID proofing
Attachments Attach supporting documents as read-only exhibits
Notifications Set reminders and completion alerts
Audit Trail Enable capture of IP, timestamp, and actions

Where to send or file the notice after execution

After execution, distribute the signed notice to stakeholders and store authoritative copies in contract repositories and project records.

  • Primary Recipient: Counterparty legal or contract manager
  • Internal Records: Contracts folder or document management system
  • Claims File: Attach to the original claim dossier
  • External Filings: File with court or tribunal only if required

Digital signing and file formats to prefer

Choose a platform that preserves audit logs, supports common file types, and enables required signer authentication.

  • File Formats: PDF or DOCX preferred for auditability
  • Authentication Options: Email, SMS, or KBA where needed
  • Integrations: Connect to contract repository or CRM

Typical timelines and response expectations

Set clear deadlines in the notice to avoid ambiguity about response windows, cure periods, and the effective date of releases.

Response Window:

Commonly 30 days to accept or contest; specify exact timeframe in the notice.

Cure Period:

If applicable, set a repair or cure period such as 14 or 30 days.

Payment Timing:

Specify when any settlement payment is due after execution.

Record Retention:

State how long each party will retain executed copies.

Effective Date:

Clarify whether the notice is effective on signature or a specified later date.

Common mistakes to avoid

  • Using vague language about remedies that leaves room for later reinterpretation and disputes.
  • Failing to attach or cross-reference supporting claim documentation that proves the basis for acceptance.
  • Allowing unverified signatories to execute without confirming delegated authority or corporate approvals.
  • Neglecting to record or store an immutable audit trail of the signing and delivery process.

Risks and consequences of an incorrect or incomplete notice

Forfeited Claims: Accepted amounts may be final
Enforcement Costs: Litigation or arbitration expenses
Regulatory Impact: Potential compliance exposure
Reputational Harm: Damage to business relationships
Record Disputes: Challenges over audit or provenance
Financial Exposure: Unexpected retained liabilities

Real-world examples of acceptance notices in practice

These examples illustrate how organizations document accepted claims and limit remedies while preserving a clear audit trail.

Optica Ventures LLC

A mid-sized project developer accepted a subcontractor claim for outstanding work

  • settlement arranged as a partial credit and schedule extension
  • the notice tied the credit to specific invoices, required repair within 30 days, and preserved other contract remedies for separate defects.

Martin Properties

A property manager accepted tenant maintenance claims and limited remedies to fixed repairs

  • cash payments were excluded in favor of in-kind repairs
  • the notice documented precise repair scopes, deadlines, and retained landlord rights for unrelated breaches.

eSignature vendor comparison for executing notices

Compare common eSignature criteria to choose a platform that supports your authentication, HIPAA needs, and volume requirements when executing acceptance notices.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by vendor Varies by vendor Varies by vendor Varies by vendor
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No envelope cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Practical tips for accurate and efficient completion

Adopt consistent drafting and execution practices to minimize disputes and evidentiary issues later.

Use standard templates
Maintain vetted templates with variable fields to ensure consistent language and reduce drafting errors across similar notices.
Document supporting facts
Attach claim files, change orders, photos, and invoices to tie the notice to verifiable evidence and reduce later challenges.
Confirm signing authority
Verify signatory delegation and, where required, attach corporate resolutions or power of attorney documents to establish capacity.
Preserve audit logs
Use an eSignature solution that retains timestamps, IP data, and action history to support enforceability and dispute resolution.

Frequently asked questions about Acceptance Notice of Claims and Limitation of Remedies

Answers to common questions address enforceability, signing options, and how to correct or revoke a notice when needed.


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