Common use of LIMITATION OF REMEDIES AND LIABILITIES Clause in Contracts

LIMITATION OF REMEDIES AND LIABILITIES. BUYER AGREES THAT SELLER’S LIABILITY AND BUYER’S SOLE AND EXCLUSIVE REMEDY PURSUANT TO ANY CLAIM OF ANY KIND HEREUNDER OR RELATION TO THE GOODS DELIVERED BY SELLER TO BUYER, INCLUDING WITHOUT LIMITATION ANY CLAIM IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR STRICT LIABILITY, AGAINST SELLER OR ANY OF ITS AFFILIATES, SHALL BE (A) THE REPAIR OR REPLACEMENT AT SELLER’S OPTION OF DEFECTIVE GOODS, OR (B) IN SELLER’S SOLE DISCRETION, A REFUND OF THE PRICE ALLOCABLE TO THE DEFECTIVE GOODS. UNDER NO CIRCUMSTANCES SHALL SELLER OR ANY OF ITS AFFILIATES HAVE ANY LIABILITY WHATSOEVER FOR INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES.