What does the limitation of liability clause mean?

Limitation of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.

Are there any limitations on liability to the other party?

Limitations of Liability . Neither Party shall have any Liability to the other Party in the event that any information exchanged or provided pursuant to this Agreement is found to be inaccurate in the absence of gross negligence or willful misconduct by the Party providing such information.

What is the limitation of liability in trust?

Limitation of Liability. It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust, personally, but bind only the trust property of the Trust.

Are there limitations of liability in some countries?

Limitations of Liability. SOME COUNTRIES DO NOT ALLOW THE LIMITATION OR EXCLUSION OF CONSEQUENTIAL, INDIRECT OR OTHER DAMAGES IN CONTRACTS WITH CONSUMERS AND TO THE EXTENT YOU ARE A CONSUMER THE LIMITATIONS OR EXCLUSIONS IN THIS SECTION MAY NOT APPLY TO YOU. Limitations of Liability.

How does a limitation of liability clause work?

A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can “cap” the amount of potential damages to which a company is exposed.

Which is better a limitation or exclusion clause?

Maybe you’re wondering why anyone would ever just choose to limit their liability when they could exclude it completely! The answer is that limitation of liability clauses are typically viewed by the courts as acceptable, while exclusion clauses are not.

Is there a limitation of liability ( Lol ) clause?

Articles on the Limitation of Liability Clause from ConstructionRisk newsletters: A design professional was granted summary judgment enforcing a $50,000 limitation of liability (LoL) clause and waiver of consequential damages clause in its contract with its client, the design-builder. Although this amount was only eight (8) percent of the…

Is the exclusion of liability clause illegal in the UK?

In some jurisdictions, there will be specific legislation regulating the way in which these types of clauses are dealt with by the Courts, and what kinds of clauses are illegal. One example is the Unfair Contract Terms Act 1997 in the UK. This is the act that prohibits you from excluding liability for negligence,…