Limitation on Direct Losses. EXCEPT FOR LOSSES ARISING OUT OF TMS’S GROSS NELIGENCE, WILLFUL MISCONDUCT, OR FRAUD, TMS’S TOTAL LIABILITY FOR ANY DAMAGES ARISING OUT OF A SERVICE, SHALL BE LIMITED TO PROVEN DIRECT DAMAGES CAUSED BY TMS’S NEGLIGENCE IN AN AMOUNT NOT TO EXCEED GREATER OF (i) US $500,000, OR (ii) THE PRICE PAID BY SCHOOL TO TMS UNDER SECTION 3 OF THIS AGREEMENT (FEES) IN THE TWELVE (12) MONTH PERIOD IMMEDIATELY PRECEDING SUCH CLAIM.
Appears in 14 contracts
Samples: Student Refund Management Services Agreement, Student Refund Management Services Agreement, Student Refund Management Services Agreement
