Common use of Liability regime Clause in Contracts

Liability regime. 1. In performing their obligations pursuant to these Conditions, the NBB and the participants shall be bound by a general duty of reasonable care in relation to each other. 2. The NBB shall be liable to its participants in cases of fraud (including but not limited to wilful misconduct) or gross negligence, for any loss arising out of the operation of TARGET-BE. In cases of ordinary negligence, the NBB’s liability shall be limited to the participant’s direct loss, i.e. the amount of the transaction in question and/or the loss of interest thereon, excluding any consequential loss. 3. The NBB shall not be liable for any loss that results from any malfunction or failure in the technical infrastructure (including but not limited to the NBB’s computer infrastructure, programmes, data, applications or networks), if such malfunction or failure arises in spite of the NBB having adopted those measures that are reasonably necessary to protect such infrastructure against malfunction or failure, and to resolve the consequences of such malfunction or failure (the latter including but not limited to initiating and completing the business continuity and contingency procedures referred to in Appendix IV). 4. The NBB shall not be liable: (a) to the extent that the loss is caused by the participant; or (b) if the loss arises out of external events beyond the NBB’s reasonable control (force majeure). 5. Notwithstanding the provisions of Book VII “Payment and credit services” of the Belgian Code of Economic law, paragraphs 1 to 4 shall apply to the extent that the NBB’s liability can be excluded. 6. The NBB and the participants shall take all reasonable and practicable steps to mitigate any damage or loss referred to in this Article. 7. In performing some or all of its obligations under these Conditions, the NBB may commission third parties in its own name, particularly telecommunications or other network providers or other entities, if this is necessary to meet the NBB’s obligations or is standard market practice. The NBB’s obligation shall be limited to the due selection and commissioning of any such third parties and the NBB’s liability shall be limited accordingly. For the purposes of this paragraph, the Level 3 NCBs shall not be considered as third parties.