Common use of Limits of Parties’ Liability Clause in Contracts

Limits of Parties’ Liability. ‌‌‌ (a) The Parties will be responsible only for performing the obligations that are specifically set forth in this Agreement (or any FAA). Except for those obligations, a Party (including in the case of the Fund, Board members, alternate Board members, the Executive Director, Staff, Experts and Fund Agent, and in the case of the Accredited Entity, the Accredited Entity’s executive director, staff, experts, agents and consultants) will have no liability to the other Party, any of its directors, officers, employees, agents or contractors or any other person or entity as a result of this Agreement, any FAA, or the implementation of any Funded Activity, and moreover, will not be liable for lost profits or consequential or punitive damages. Without limiting the generality of the foregoing, nothing in this Agreement or any FAA shall be construed or will be deemed to make or to result in the Accredited Entity being or becoming liable for the performance by any other Executing Entity of any obligation of such Executing Entity under any Subsidiary Agreement or otherwise, provided the Accredited Entity has complied with its relevant obligations under this Agreement. (b) Without prejudice to Clause 32.01(a) above, any liability of the Fund under this Agreement or under an FAA shall be strictly limited to the amount approved by the Board for the relevant Funded Activity and the fees for the Accredited Entity for that Funded Activity due pursuant to the related FAA.