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

DAMAGE TO PROPERTY AND CONSEQUENTIAL LOSSES. Each Party will bear liability for any property damage caused to facilities, installations and equipment belonging to the other Party or which this Party is responsible for, as well as any consequential losses, such as loss of profit, and more generally any damage other than personal injury and material damage suffered by the other Party, inasmuch as this results from the non-performance or unsatisfactory performance of its respective obligations under the Contract and provided that the injured Party can provide proof of the fault, the existence and cause of the damages and justify their quantification, without involving any speculative factors. However, the liability of each Party towards the other under this Article is subject to the limits established in article 15.2.3 below; therefore, each Party waives any right to recourse against the other Party and/or its insurers for any damage exceeding 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.