On October 13, 2020, the First Department issued a decision in Vector Media, LLC v. Go New York Tours Inc., 2020 NY Slip Op. 05707, enforcing a contract term providing that there would be no remedy at law in the event of a breach, explaining:
The court providently exercised its discretion in granting the preliminary injunction since plaintiff has demonstrated a probability of success on the merits, irreparable injury in the absence of an injunction, and a balance of the equities in its favor. The agreement clearly provides that defendant would provide plaintiff with the exclusive right to sell and place advertising on its buses and provide access to its bus fleet in exchange for payment, and it is evident that defendant breached its plain terms. While the parties dispute whether plaintiff would suffer irreparable injury without the preliminary injunction, the parties explicitly agreed in the contract that if defendant breached or threatened to breach, plaintiff’s damages would be irreparable and that injunctive relief would be appropriate.
(Internal citations omitted).
It is common in commercial litigation that parties seek equitable relief such as injunctions, attachments or the appointment of a temporary receiver in order to preserve assets or maintain the status quo when money damages will not make them whole at the end of a litigation. Contact Schlam Stone & Dolan partner John Lundin at email@example.com if you or a client have questions regarding seeking–or opposing–such relief.
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