Glossary

Limitation of Liability

Last updated 28 June 2007

Description

A contractual provision that limits potential liability of the parties to an agreement.

May limit the amount for which the parties may be liable.

May provide limits of liability for particular types of claim.

Examples

Clause:

6.7 Limitation of Liability.

Access's laibility, and the exclusive remedy, in connection with the sale or use of the product (whether based on contract, negligence, breach of warranty, strict liability of any other legal theory), shall be strictly limited to Access's obligations and Wyeth's rights as specifically and expressly provided in this agreement. In no event whatsoever shall either party have any liability, obligation or responsibility to the other party or such other party's affiliates for any indirect, incidental, consequential, special, punitive or exemplary damages arising in any way in connection with product or its purchase, sale, use, or inability to use.

-- License and Supply agreement between Access and Wyeth, January 2004