Common use of Liability Fund Clause in Contracts

Liability Fund. ‌ Without limiting the Board’s rights to use the Trust Fund as set out in this Trust Agreement or in Applicable Law, the Board may in its discretion establish a fund for the payment of any claims or expenses of any Trustee or an employee or former employee of the Board arising out of any error in judgement, act or omission, provided that: (a) the Trustee, employee or former employee acted in accordance with the standard of care set out in Section 6.1 and Applicable Law; and (b) nothing exempts any Trustee or employee or former employee of the Board from liability arising out of his or her own bad faith, willful misconduct or gross negligence. – CONTRIBUTIONS‌