Common use of Custodian as Agent Clause in Contracts

Custodian as Agent. The Employer and the Participant acknowledge and agree that the Custodian shall act on the Instructions of the Participant and that the Custodian is not a fiduciary by virtue of accepting and carrying out its custodian duties under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to custodial services. The Custodian shall be under no duties whatsoever except such duties as are specifically set forth as such in this Custodial Agreement, and no implied covenant or obligation shall be read into this Custodial Agreement against the Custodian. In the performance of its duties, the Custodian shall be liable only for its own gross negligence and willful misconduct. The Participant shall have the sole authority and responsibility for the enforcement or defense of the terms and conditions of the Custodial Agreement against, or on behalf of, any person(s) claiming any interest in the Custodial Account.