59.1-508.7 - Measurement of damages in general.
§ 59.1-508.7. Measurement of damages in general.
(a) Except as otherwise provided in the contract, an aggrieved party may notrecover compensation for that part of a loss which could have been avoided bytaking measures reasonable under the circumstances to avoid or reduce loss.The burden of establishing a failure of the aggrieved party to take measuresreasonable under the circumstances is on the party in breach of contract.
(b) A party may not recover:
(1) consequential damages for losses resulting from the content of publishedinformational content unless the agreement expressly so provides; or
(2) damages that are speculative.
(c) The remedy for breach of contract for disclosure or misuse of informationthat is a trade secret or in which the aggrieved party has a right ofconfidentiality includes as consequential damages compensation for thebenefit obtained as a result of the breach.
(d) For purposes of this chapter, market value is determined as of the dateof breach of contract and the place for performance.
(e) Damages or expenses that relate to events after the date of entry ofjudgment must be reduced to their present value as of that date. In thissubsection, "present value" means the amount, as of a date certain, of oneor more sums payable in the future or the value of one or more performancesdue in the future, discounted to the date certain. The discount is determinedby the interest rate specified by the parties in their agreement unless thatrate was manifestly unreasonable when the agreement was entered into.Otherwise, the discount is determined by a commercially reasonable rate thattakes into account the circumstances of each case when the agreement wasentered into.
(2000, cc. 101, 996.)