Common use of DAMAGE TO PROPERTY AND CONSEQUENTIAL LOSSES Clause in Contracts

DAMAGE TO PROPERTY AND CONSEQUENTIAL LOSSES. Each Party bears the consequence of physical damage it causes to property owned by or in the safekeeping of a Third Party, as well as the consequential loss suffered by the other Party, provided this results from total or partial failure to fulfil its obligations under the Contract. However, each Party's liability in respect of the other by virtue of this article is limited to the maximum amounts specified in article 18.3 of the General Terms and Conditions. Accordingly, each Party waives any recourse against the other Party and/or its insurers for any loss exceeding the said limits. In addition, each Party promises and guarantees to obtain a waiver from its own insurers regarding any recourse under the same terms and limits. By way of exception, should a case of non-performance of an obligation incumbent on the Storage Facility Manager under the Contract be caused by an act or omission on the part of TERÉGA under the gas transport contract with the Customer, the Parties acknowledge that only the latter contract shall apply to any harmful consequences of the said non-performance.