Liability Agreement
This Liability Agreement entered into by and between [Party A] and [Party B], on [date] (hereinafter referred to as “Parties”)
Whereas, Party A and Party B have entered into a business transaction for the purchase and sale of certain goods, as per the terms outlined in the Agreement of [date]; and
Whereas, certain conditions must be met by both parties in order to ensure the successful completion of the Agreement; and
Whereas, Party A and Party B desire to set forth the terms and conditions related to the potential liabilities that may arise from their contractual business relationship.
Now, therefore, in consideration of the above-mentioned recitals, and other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Parties agree as follows:
1. LIABILITY OF PARTY A
a. Breach of Contract: Party A shall be liable for any breach of this Agreement or any other applicable Agreement, rule or regulation, including but not limited to failing to provide the goods or services as per the Agreement and/or any related document.
b. Indemnification: Party A shall be liable for any and all damages, loss, costs, and expenses (including reasonable attorneys’ fees) incurred by Party B in the event that Party A fails to comply with any provision of this Agreement, or any of Party B’s rights under this Agreement are violated in any manner.
2. LIABILITY OF PARTY B
a. Breach of Contract: Party B shall be liable for any breach of this Agreement or any other applicable Agreement, rule or regulation, including but not limited to failing to provide the goods or services as per the Agreement and/or any related document.
b. Indemnification: Party B shall be liable for any and all damages, loss, costs, and expenses (including reasonable attorneys’ fees) incurred by Party A in the event that Party B fails to comply with any provision of this Agreement, or any of Party A’s rights under this Agreement are violated in any manner.
3. LIMITATION OF LIABILITY
Notwithstanding any other provisions of this Agreement, under no circumstances shall either Party be held liable for any indirect, special, punitive, or consequential damages (including, but not limited to, lost profits or other economic loss) caused by or related to the performance of either party under this initial Agreement or any amendment thereto.
4. GOVERNING LAW
This Agreement shall be governed by, and construed in accordance with, the laws of [State].
IN WITNESS WHEREOF, the Parties have executed this Liability Agreement as of the day and year first written above.
Party A
Party B
