Limitation of Liability

Limitation of Liability definition

/lɪmɪˈteɪʃ(ə)n/ /ɒv,(ə)v/ /lʌɪəˈbɪlɪti/

What does Limitation of Liability mean?

Limitation of liability means a contractual provision to reduce or exclude the types and amounts of liabilities one party may recover from another party relating to default or non-performance in connection with a contract. Such provisions are subject to numerous controls and restrictions imposed by statute and by common law.

Variances

A limitation of liability clause

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