Agents; Attorneys-Reliance Clause Samples
The "Agents; Attorneys-Reliance" clause defines the extent to which parties may rely on statements or actions made by agents or attorneys during the negotiation or execution of an agreement. Typically, this clause clarifies whether representations made by legal counsel or other representatives are binding on the parties, and may specify that only certain authorized statements or documents are considered valid. By establishing clear boundaries for reliance on agents and attorneys, this clause helps prevent disputes over unauthorized commitments and ensures that only agreed-upon terms are enforceable.
Agents; Attorneys-Reliance. The Bank may execute or perform any of its powers or duties either directly or through agents, attorneys or receivers and is not responsible for any misconduct or negligence on the part of any agent, attorney or receiver chosen by it with due care, and the Bank is entitled to act upon and may conclusively rely upon the opinion or advice of counsel, who may be counsel to the Issuer, the Tenant or the Bank, concerning all matters and duties related hereto, and may in all cases pay such reasonable compensation to all such agents, attorneys and receivers as are employed in connection herewith. The Bank is not responsible for any loss or damage resulting from any action or nonaction taken or omitted to be taken in good faith reliance upon such opinion or advice of counsel.