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Mitigation in law is the principle that a party who has suffered loss (from a tort or breach of contract) has to take reasonable action to minimize the amount of the loss suffered.
Mitigation is often used interchangeably with risk reduction, however the terms have a few key differences. Both aim to reduce the number of negative effects of hazards, but risk reduction focuses on reducing the likelihood of the event itself, while mitigation focuses on reducing the impact of the event. [14]
Mitigation planning identifies policies and actions that can be taken over the long term to reduce risk, and in the event of a disaster occurring, minimize loss. Such policies and actions are based on a risk assessment , using the identified hazards , vulnerabilities and probabilities of occurrence and estimates of impact to calculate risks ...
Loss mitigation is one of many responsibilities your servicer oversees. Ultimately, it’s in the servicer’s best interest to help you repay your mortgage or at least reduce losses for both ...
A victim will not necessarily recover every loss which flows from the breach by the defendant. In order to recover any damages, the losses suffered by the victim must be caused by the defendant, and not be too remote. Further, the plaintiff has a duty to mitigate his losses.
There has been slow progress on implementing mitigation and adaptation. Some losses and damages are already occurring, and further loss and damage is unavoidable. [2]: 62 There is a distinction between economic losses and non-economic losses. The main difference between the two is that non-economic losses involve things that are not commonly ...
"No net loss" is defined by the International Finance Corporation as "the point at which the project-related impacts on biodiversity are balanced by measures taken to avoid and minimize the project's impacts, to understand on site restoration and finally to offset significant residual impacts, if any, on an appropriate geographic scale (e.g local, landscape-level, national, regional)."
Mitigation costs will vary according to how and when emissions are cut. Early, well-planned action will minimize the costs. [142] Globally, the benefits of keeping warming under 2 °C exceed the costs, [284] which according to The Economist are affordable. [285] Economists estimate the cost of climate change mitigation at between 1% and 2% of GDP.