What is a “Limitation of Liability – Acknowledgement of Limitation” clause?..
Liability clauses should be reviewed carefully because they limit all or some of the liability of all or some of the parties to an agreement. They can be very complex, and are often ‘stacked against’ the party with weaker bargaining power. Some limitation clauses also include indemnity provisions. An indemnity is a promise by one party (the indemnifier) to pay all costs of all claims made against the other party (the indemnitee) arising out of the agreement. This can be very costly, and liability limitations do not necessarily apply to indemnities. In one-sided contracts where the corporation seeks to avoid all liability whatsoever, the limitation of liability clause will often ask the other party to ‘acknowledge’ this limitation. This is an effort to show that the other party was aware of this limitation of liability clause and agreed to it.
Blogs related to this clause:
Can emails be considered confidential information, and therefore can come under the obligation to return or destroy?
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