59.1-508.8 - Licensor's damages. - Virginia Statutes

§ 59.1-508.8. Licensor's damages.

(a) In this section, "substitute transaction" means a transaction by thelicensor which would not have been possible except for the licensee's breachand which transaction is for the same information or informational rightswith the same contractual use terms as the transaction to which thelicensee's breach applies.

(b) Except as otherwise provided in § 59.1-508.7, a breach of contract by alicensee entitles the licensor to recover the following compensation forlosses resulting in the ordinary course from the breach, less expensesavoided as a result of the breach, to the extent not otherwise accounted forunder this subsection:

(1) damages measured in any combination of the following ways but not toexceed the contract fee and the market value of other consideration requiredunder the contract for the performance that was the subject of the breach:

(A) the amount of accrued and unpaid contract fees and the market value ofother consideration earned but not received for:

(i) any performance accepted by the licensee; and

(ii) any performance to which § 59.1-506.4 applies;

(B) for performances not governed by subparagraph (A), if the licenseerepudiated or wrongfully refused the performance or the licensor rightfullycanceled and the breach makes possible a substitute transaction, the amountof loss as determined by contract fees and the market value of otherconsideration required under the contract for the performance less:

(i) the contract fees and market value of other consideration received froman actual and commercially reasonable substitute transaction entered into bythe licensor in good faith and without unreasonable delay; or

(ii) the market value of a commercially reasonable hypothetical substitutetransaction;

(C) for performances not governed by subparagraph (A), if the breach does notmake possible a substitute transaction, lost profit, including reasonableoverhead, that the licensor would have realized on acceptance and fullpayment for performance that was not delivered to the licensee because of thelicensee's breach; or

(D) damages calculated in any reasonable manner; and

(2) consequential and incidental damages.

(2000, cc. 101, 996.)