LIABILITY UNDER THE PLAN Clause Samples
The "Liability Under the Plan" clause defines the extent to which parties involved in administering or participating in a plan—such as a retirement or benefits plan—are legally responsible for actions taken in connection with the plan. Typically, this clause outlines who may be held liable for losses, errors, or omissions, and may specify limitations or exclusions of liability for plan administrators, trustees, or employers. By clearly delineating responsibilities and potential liabilities, the clause helps manage risk and provides assurance to both plan participants and administrators regarding their legal exposure.
LIABILITY UNDER THE PLAN. The duties and obligations of the Trustee shall be limited to those expressly set forth in this Agreement, notwithstanding any reference herein to the Plan. The Trustee shall not be obliged to take or defend any action or participate in or proceed with any suit or legal or administrative proceeding which might subject it to substantial cost or expense or liability unless first indemnified by the Company in an amount and by security satisfactory to it against all losses, costs, damages and expenses which may result therefrom or be occasioned thereby.
LIABILITY UNDER THE PLAN. The duties and obligations of the Trustee shall be limited to those expressly set forth in this Agreement, notwithstanding any reference herein to the Plan.
LIABILITY UNDER THE PLAN. The duties and obligations of the Trustee shall be limited to those expressly set forth in this Agreement, notwithstanding any reference herein to the Plan. Notwithstanding any other provision of this Trust Agreement, any individual designated as a Trustee hereunder shall be indemnified and held harmless by the Company and the Trust Fund to the fullest extent permitted by law against any and all costs, damages, expenses and liabilities including, but not limited to, attorneys’ fees and disbursements reasonably incurred by or imposed upon such individual in connection with any claim made against him or in which he may be involved by reason of his being, or having been, a Trustee hereunder, to the extent such amounts are not satisfied by fiduciary liability insurance that may or may not be maintained by the Company. Further, any corporate Trustee and its officers, directors and agents shall be indemnified and held harmless by the Company and the Trust Fund to the fullest extent permitted by law against any and all costs, damages, expenses and liabilities including, but not limited to, attorneys’ fees and disbursements reasonably incurred by or imposed upon such persons land/or corporation in connection with any claim made against it or them or in which it or them may be involved by reason of its being, or having been, a Trustee hereunder, except liability which is adjudicated to have resulted from the gross negligence or willful misconduct of the Trustee by reason of any action so taken or the failure to take action.