Limitation Of Liability Clause With Example
Description
How to fill out Limited Liability Operating Agreement For Manager Managed Real Estate Development With Specification Of Different Amounts Of Capital Contributions By Members?
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FAQ
Courts generally construe these clauses narrowly against the party benefiting from the clause. Limitation of liability language will need to (1) clearly and unambiguously limit a party's liability, (2) be conspicuous, and (3) be unmistakable in its intentions.
A limitation of liability carve-out for loss arising from personal injury or death is fairly common. If a party to a contract is supplying goods and/or services that have a low risk of causing personal injury or death, this carve-out may be appropriate.
You may have limits on your liability such as "Company will not be liable for more than $200 in the event of a breach," or "Company will not be liable for more than three times the yearly subscription fee."
What is a limitation of liability? A limitation of liability clause in a contract limits the amount of money or damages that one party can recover from another party for breaches or performance failures.
Carve outs. As the examples below illustrate, carve outs may include those for liability arising from or out of (i) breach of confidentiality obligations, (ii) breach of statutory obligations, (iii) personal injury or death due to negligence or wilful misconduct, (iv) fraud, and (v) indemnification obligations.