Assuming the Risk Sample Clauses
The "Assuming the Risk" clause establishes which party is responsible for bearing certain risks associated with the contract or transaction. In practice, this clause specifies that one party accepts the potential for loss, damage, or liability arising from particular events or circumstances, such as property damage, injury, or unforeseen costs. By clearly allocating responsibility for these risks, the clause helps prevent disputes and ensures that both parties understand their obligations and exposures under the agreement.
Assuming the Risk. Upon entering this Agreement, each Party assumes the risk of mistakes, and if any Party should subsequently discover that its understanding of the facts or law was incorrect, such Party shall not be entitled to set aside this Agreement or any portion of it by reason thereof, or be entitled to recover any damages or obtain any other relief, or be entitled to any offset or recoupment by reason thereof. This Agreement is intended to be final and binding by and among the Parties regardless of any mistakes of fact or law, and any claims based upon any such mistakes shall not be actionable.