Common use of Recoverable Losses Clause in Contracts

Recoverable Losses. (a) The liability of a party to any other party for any act or omission (including any act or omission amounting to a breach of this agreement or a breach of statute or any negligent act or omission) under or in connection with this agreement (including any Transaction) is limited to the recovery by that party of Direct Loss less any amount of Excluded Loss relating to that other party in respect of that act or omission. (b) No party is liable to any other party under or in connection with this agreement in any circumstances for any amount in respect of or comprising Consequential Loss however arising (including, without limitation, at law, in equity or pursuant to statute) and all such liability is excluded. (c) Clause 24.3(a) and clause 24.3(b) apply: (i) to limit or exclude liability to the maximum extent permitted by law; (ii) subject to clause 24.5; (iii) subject to any provision which provides for an exclusive remedy in respect of the act or omission; and (iv) without prejudice and subject to clause 24.1 and clause 24.3A.