Limitations of Liability

The clauses which set out the limitations of liability and the cap on liability are fundamental provisions for both a buyer and a seller – but why? What happens if these clauses are not properly drafted or the agreement is a standard, un-negotiated, set of conditions? What cannot be excluded or limited by law? The level of limitation can be ‘aggregate’, ‘per claim’ or ‘over a time period’, what are the pros and cons of each option? We finish the podcast with a number of real world examples of these clauses and our thoughts on them.