Common use of General Partners' Responsibility Clause in Contracts

General Partners' Responsibility. Each General Partner shall be responsible and accountable to the Partnership's customers and clients for the rendering of such General Partner's services. No other General Partner, regardless of title or position with the Partnership shall (a) be responsible, liable or accountable to the Partnership's customers and clients for any other Partner's rendering of services to the Partnership's customers or clients or (b) have the right or obligation of direct supervision and control (except as otherwise mandated by the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder and comparable state securities laws) of another Partner while such other Partner is rendering services on behalf of the Partnership.