Liability of Danish Escrow Institute Sample Clauses

Liability of Danish Escrow Institute. 10.1 In no way does Danish Escrow Institute guarantee for the content or the applicability of the material held in escrow. 10.2 Danish Escrow Institute shall only be liable for the direct loss that arises for the Customer or the Supplier resulting from wrongful or incorrect release or retention of the source material. Thus, Danish Escrow Institute shall not be held liable for losses on operations, loss of earnings or any other indirect losses. 10.3 Release or refusal to do so which complies with the Release Committee’s decision shall never be considered wrongful or incorrect. 10.4 Danish Escrow Institute’s liability shall not exceed DKK 500,000 per release, whether or not several parties are protected by the same Escrow Agreement. 10.5 Danish Escrow Institute shall not be liable for damage to or destruction of the source material while it is in the custody of Danish Escrow Institute. Consequently, either the Customer or the Supplier shall be responsible for taking out appropriate insurance against damage to or destruction of the material held in escrow. 10.6 The Supplier guarantees that he has the right to transfer the material held in escrow to Danish Escrow Institute and has the authority to hand over the material in accordance with the terms of this Escrow Agreement. If a file is not uploaded correctly, it is the Supplier's responsibility to send an email to the Danish Escrow Institute with information about the exact file name, file size and date of upload along with a request to delete the file. The Supplier will then upload a new file. 10.7 Danish Escrow Institute can demand that the Supplier and the Customer be held jointly and severally liable for all claims that arise vis-à-vis Danish Escrow Institute in the event that the Supplier does not have the necessary rights to the material held in escrow.
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Liability of Danish Escrow Institute. 10.1 In no way does Danish Escrow Institute guarantee for the content or the applicability of the material held in escrow. 10.2 Danish Escrow Institute shall only be liable for the direct loss that arises for the Customer or the Supplier resulting from wrongful or incorrect release or retention of the source material. Thus, Danish Escrow Institute shall not be held liable for losses on operations, loss of earnings or any other indirect losses. 10.3 Release or refusal to do so which complies with the Release Committee’s decision shall never be considered wrongful or incorrect. 10.4 Danish Escrow Institute’s liability shall not exceed DKK 500,000 per release, whether or not several parties are protected by the same Escrow Agreement. 10.5 Danish Escrow Institute shall not be liable for damage to or destruction of the source material while it is in the custody of Danish Escrow Institute. Consequently, either the Customer or the Supplier shall be responsible for taking out appropriate insurance against damage to or destruction of the material held in escrow. 10.6 The Supplier guarantees that he has the right to transfer the material held in escrow to Danish Escrow Institute and has the authority to hand over the material in accordance with the terms of this Escrow Agreement.
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Related to Liability of Danish Escrow Institute

  • Liability of Escrow Agent a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel. b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.

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