Common use of Limitation of Remedies Clause in Contracts

Limitation of Remedies. The exclusive remedy of Customer or any third party against Supplier for all claims related to warranty or product quality (whether the claims arise in tort, contract, or any other theory of liability), for any loss or damages arising out of, connected with or resulting from the Product or this Agreement, is, at Supplier’s discretion, (i) replacement of the Product or (ii) credit for the purchase price paid for the Product, and shall in no event cost Supplier more than the amount paid to Supplier for the Product. Without waiving the foregoing limitations, each of the Supplier and Customer shall defend, indemnify and hold the other harmless from any claims, causes of action, liabilities, losses, costs, taxes, penalties, attorneys’ fees, expenses or otherwise, resulting from property damage, personal injury, or death, to the extent caused by its negligence or willful misconduct. Notwithstanding anything else herein, including the Supplier’s indemnification obligations, Supplier shall not be liable to Customer or any third party for any lost profits, indirect, consequential, liquidated, punitive, or similar types of damages, whether the liability, loss, or damages arise in tort, contract, or any other theory of liability.