Common use of Liability of the Bank Clause in Contracts

Liability of the Bank. 6.1 The Bank shall not be liable or responsible for any Liabilities or inconvenience which may result from anything done or omitted to be done by it in accordance with the provisions of this Agreement and shall bear no obligation or responsibility to any person in respect of the operation of the Account or its application of the Account Moneys unless such liability arises as a result of gross negligence, fraud or willful default on the part of the Bank. In particular, but without limiting the generality of the foregoing, the Bank shall not be liable for any failure to maximize the amount of interest or other amounts earned on all or part of the Account Moneys. Under no circumstances shall the Bank be liable for any consequential or special loss, or indirect, consequential or punitive damages, however caused or arising (including loss of business, goodwill, opportunity or profit) even if advised of the possibility of such loss or damage.