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Limitation of Liability and Exemption Clauses

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Chapter Summary

The firm, which sells its products or services, has to face important risks if these products or services prove faulty, or if their performance is unsatisfactory. In international contracts, such dangers are increased by a greater probability of failure and sometimes also by a lesser knowledge of foreign legal principles that will govern indemnification. To limit the scope of the warranty or liability by means of special terms brings indisputable advantages. Such limitation of liabilities is sometimes a necessary condition to the performance of especially risky ventures; it can allow innovation and technical progress. This chapter examines about 150 clauses. These clauses were found in various international contracts. It focuses on the concept of the limitation or exemption clause, comparing it with closely related clauses. The chapter analyzes the main components of such clauses. It also consists of additional and critical remarks, including questions related to the problem of validity.

Keywords: exemption clause; foreign legal principles; indemnification; international contract; liabilities



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