This form provides boilerplate contract clauses that limit the remedies available to the parties both under and outside the terms of the contract agreement. Several different language options representing various levels of restriction are included to suit individual needs and circumstances.
New York Limitation of Remedies and Damages Provisions
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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.
In the absence of negligence, bad faith or willful misconduct, none of the Sponsor, the Administrator, nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or ... Examples of limitation of liability clauses in contracts - Afterpattern afterpattern.com ? clauses ? limitation-of-liability afterpattern.com ? clauses ? limitation-of-liability
To make up for the power imbalance in this type of situation, the law considers this kind of contract unfair if it: results in an imbalance of the contracting parties' rights or obligations; is not reasonable to protect the 'legitimate interests' of the party that is benefitting from the clause.
Carve-outs Identify specific circumstances or types of claims that should be excluded from the limitation of liability clause. These are often excluded because of the significant nature of these types of claims and the relative risks of these claims to the business that may suffer if one of these events were to occur.
In no event shall any party to this Agreement be liable to any other party for any lost profits or special, exemplary, consequential or punitive damages, even if informed of the possibility of such damages.
A limitation of damages clause is a contractual agreement where parties either exclude or limit the availability of damages that statutory law otherwise entitles them to. What Is a Limitation of Damages Clause? - UpCounsel upcounsel.com ? limitation-of-damages-clause upcounsel.com ? limitation-of-damages-clause
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. What is a Limitation of Liability Clause - Zuva zuva.ai ? contract-central ? limitation-of-liability zuva.ai ? contract-central ? limitation-of-liability
For example, a clause in a purchase agreement for a computer limiting damages to $1.00 would effectively deprive the buyer of any adequate remedy. Chapter 28. Limitation of Remedies - Eric E. Johnson ericejohnson.com ? sales_compendium ? Sal... ericejohnson.com ? sales_compendium ? Sal...