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Also known as several. In the case of more than one obligor to an obligation, each obligor is liable for only its portion of the relevant obligation. A typical example of several liability is a syndicated loan agreement where multiple lenders are each liable for only their portion of the loan.
What is an example of a severally liable clause?
Each party to this Agreement enters into this Agreement solely on its own behalf, each such party shall solely be severally liable for any breaches of this Agreement by such party and in no event shall any party be liable for breaches of this Agreement by any other party hereto.
What is an example of a joint and several liability lease clause?
The undersigned Tenants are jointly and severally responsible and liable for all obligations under this agreement. The covenants and conditions herein contained shall apply to and bind the heirs, legal representatives, and assigns of the parties hereto, and all covenants are to be construed as conditions of this lease.
What is an example of a strict liability clause?
An example of a strict liability clause Heres how a strict liability clause might look in a contract: The Manufacturer shall be strictly liable for any damages or injuries resulting from defects in the Product, regardless of whether the Manufacturer exercised reasonable care during production.
What is the limitation of liability disclaimer?
A liability disclaimer is a statement that aims to limit the legal responsibility of an individual or organization for any potential harm or damages that might arise from specific activities, services, or products. It is often used as a protective measure to safeguard against claims or lawsuits.
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No Party shall have any liability to any other Party in the event that any Information exchanged or provided pursuant to this Agreement which is an estimate or forecast, or which is based on an estimate or forecast, is found to be inaccurate in the absence of willful misconduct by the Party providing such Information.
Related links
52.246-23 Limitation of Liability.
The Contractor shall not be liable for loss of or damage to property of the Government (excluding the supplies delivered under this contract)
The following is a sample clause for the arbitration of all future disputes between the parties before the AAA: Any controversy or claim arising out of or
Always check with Risk Management before accepting a limitation of liability clause. Sample (1). In no event shall either party be liable to the other for
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