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.
Appears in 4 contracts
Samples: Escrow Agreement, Standard Escrow Agreement, Escrow Agreement
