Contract Central
Limitation of Liability Clause
A limitation of liability clause sets the boundaries of a party’s financial liability when defects in its performance cause another party to experience losses.
Read Article arrow_forwardA license grant clause is a contractual provision that establishes one party’s consent to another’s use of its intellectual property subject to certain conditions.
The end of LIBOR is a monumental shift in the world of finance, requiring evaluation and remediation of contracts and other documents on an unprecedented scale.
An insurance clause is a contractual provision that establishes what insurance one or more parties must procure in connection with an agreement.
An inflation adjustment clause is a contractual provision that requires certain amounts to be adjusted periodically to track changes in inflation.
An indemnification clause is a provision in a contract that establishes when and to what extent one party will assume liability for the losses of another.
A force majeure clause is a contractual provision that establishes what happens to performance under the contract if a “force majeure” event occurs. “Force majeure” events are events beyond the parties’ control, such as accidents, acts of war or terrorism, civil or military disturbances, and nuclear or natural catastrophes or acts of God.
An exclusivity clause grants exclusive distribution rights, exclusive licenses and other exclusive rights. It can also be an obligation to purchase all of a party’s requirements for a product or service from the other party and prohibitions against selling products or services to competitors.
An enforcement clause establishes a licensor and licensee’s respective rights and obligations relating to legal action against third parties for infringing licensed IP.
A dispute resolution clause is a contractual provision that establishes how parties will handle disputes related to their agreement.