LIMITATION OF THE MANAGER’S LIABILITY Sample Clauses

LIMITATION OF THE MANAGER’S LIABILITY. 15.1 The Manager shall effect and maintain, throughout the currency of this Agreement, at its own expense, public liability insurance in an amount of not less than R5,000,000 (five million Rand) and pay all premiums in respect of such policy from time to time as they fall due.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
LIMITATION OF THE MANAGER’S LIABILITY. Notwithstanding anything to the contrary in this Agreement, the Manager shall have no liability to the Company with respect to any breach of its obligations or covenants or any failure to perform its duties and responsibilities hereunder except to the extent that the Manager's breach of its obligations or failure to perform hereunder is due to the Manager's willful misconduct or gross negligence.
Sample 1
LIMITATION OF THE MANAGER’S LIABILITY. The Manager shall not be personally liable to the Company or any Member for damages for any breach of duty in such capacity except as otherwise provided in the Act.
Sample 1
LIMITATION OF THE MANAGER’S LIABILITY. In case of breach by the manager of its obligations in the agreement, clause 12 provides that the manager is not to be held liable for “consequential loss” (defined as loss beyond the cost of remedying the breach and any loss of rental revenue from delay or inability to let the property during a period of delay resulting from the breach). In addition, the liability is capped so as not to exceed the level of professional indemnity insurance cover which the manager is required to maintain. The manager ceases to be liable for breach at the expiry of a period of two years after practical completion under the construction contract, except for claims begun within that period or afterwards in respect of identified causes or action of which the owner has given notice to the manager before the expiration of that period. The curtailment of liability of the manager for after-discovered causes of action is considered appropriate in view of the nature of the role of the manager as distinct from the liability of the professional consultants and contractors where the statutory limitation periods on liability are suitable. Other limits in the nature of protection for the manager are included. For example, subject to the manager having exercised due care and diligence and acted in good faith, it is not to be held liable for recommending the appointment or engagement of a third party in connection with the project, accepting the advice of professional advisers to assist in the performance of the manager’s duties, or the consequences of its advice or recommendations to the owner being overruled or disregarded. Clause 12.4 lists various matters which exculpate the manager; the principle underlying them is that the manager is there to manage and not duplicate the functions of the professional consultants and contractors, nor even to save the owner from its misjudgements countermanding or disregarding the manager’s recommendations.
Sample 1

Related to LIMITATION OF THE MANAGER’S LIABILITY

  • LIMITATION OF LIABILITY OF THE MANAGER The Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the Manager's part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

  • Advisor’s Liability The Advisor shall have responsibility for the accuracy and completeness (and liability for the lack thereof) of the statements in each Fund’s offering materials (including the prospectus, the statement of additional information, and advertising and sales materials), except for information supplied by the co-administrators or the Trust or another third party for inclusion therein. The Advisor will not be liable for any error of judgment or mistake of law or for any loss suffered by Advisor or by the Trust in connection with the performance of this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under this Agreement.

  • Limitation of Trust’s Liability The Sub-Advisor acknowledges that it has received notice of and accepts the limitations upon the Trust's liability set forth in its Declaration of Trust. The Sub-Advisor agrees that (i) the Trust's obligations to the Sub-Advisor under this Agreement (or indirectly under the Advisory Agreement) shall be limited in any event to the assets of the Fund and (ii) the Sub-Advisor shall not seek satisfaction of any such obligation from the holders of shares of the Fund nor from any Trustee, officer, employee or agent of the Trust.

  • Liability of the Manager No provision of this Agreement shall be deemed to protect the Manager against any liability to the Fund or the shareholders of the Portfolio to which it might otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

  • Limitation of Liability of the Adviser The Adviser shall not be liable for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution and management of the Fund, except for willful misfeasance, bad faith or gross negligence in the performance of its duties and obligations hereunder. As used in this Article 6, the term "Adviser" shall include Directors, officers and employees of the Adviser as well as that corporation itself.

  • Limitation of Agent’s Liability The parties expressly acknowledge that if the representations of Agent under the Agreement, including this Annex I, are true and correct in all material respects during the term of any Transaction and Agent otherwise complies with the provisions of this Annex I, then (a) Agent’s obligations under the Agreement shall not include a guarantee of performance by its Principal or Principals; provided that Agent shall remain liable for performance pursuant to Section 10 of the Agreement, and (b) the other party’s remedies shall not include a right of setoff in respect of rights or obligations, if any, of Agent arising in other transactions in which Agent is acting as principal.

  • Limitation of Liability of the Advisor The Advisor shall not be liable for any act or omission of any other person or entity exercising a fiduciary responsibility, if such fiduciary responsibility has been allocated to such other person or entity in accordance with this Agreement, the Declaration of Trust, the Fund Declaration, the Plans or the Trusts, except to the extent that the Advisor has itself violated its fiduciary responsibility or its obligations under this Agreement, or except to the extent that applicable law (including ERISA) may expressly provide otherwise.

  • Administrator’s Liability Except as otherwise provided herein, the Administrator assumes no liability other than to render or stand ready to render the services called for herein, and neither the Administrator nor any of its members, managers, officers, employees, subsidiaries or affiliates shall be responsible for any action of the Issuer or any of the members, managers, officers, employees, subsidiaries or affiliates of the Issuer (other than the Administrator itself). The Administrator shall not be liable for nor shall it have any obligation with regard to any of the liabilities, whether direct or indirect, absolute or contingent of the Issuer or any of the members, managers, officers, employees, subsidiaries or affiliates of the Issuer (other than the Administrator itself).

  • Limitation of Seller's Liability This paragraph limits the liability of the seller. This is a usual provision, but flexible, ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ . ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ .

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!