CHAPTER 6Limitation of Liability
Alimitation of liability (LOL) provision establishes a maximum dollar amount on contractor liability for breach of contract. The financial limit may apply to the aggregate of claims arising over the life of the contract or it may apply to specific causes of action. Causes of action is the situation or circumstance that entitles a party to obtain a legal remedy against another party. In the latter case, seller may be liable without limit for certain types of actions such as copyright and patent claims.
RISK
Absent an LOL clause, seller may be held legally responsible for causes of action that might have otherwise been mitigated or cancelled in their entirety; such causes of action may include indirect, punitive, ...
Get The Government Subcontractor's Guide to Terms and Conditions now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
