Liability Risk. A. We use valuation and other information from a wide variety of public and private sources for preparing your Statements. We do not warrant or guarantee the accuracy of the valuations or information we utilize. We do not warrant or guarantee the accuracy of any Statement or report, and we are not liable for any mistakes contained in any Statement or report we provide. We are not liable for any loss that arises from any mistakes or inaccuracies in information that we rely in good faith. B. Investments in your Account are subject to risks, including the possible loss of principal. We are not liable or accountable for any mistakes of valuation, fact, law, or investment losses; for any error of judgment by us or our affiliates; or for any resulting loss or damage suffered by you. We do not guarantee performance of any investment in your Account, the return of your principal, or the receipt of any capital gain or investment profit. C. We are not liable for any loss due to forces beyond our reasonable control, including delays, errors, or interruptions in Service caused by natural disaster, weather, strikes, work stoppages, acts of war or terrorism, court order, failure or fluctuation in electrical power or availability of systems, pandemics or endemics, or any other event of force majeure. D. We have no responsibility or liability with respect to your assets other than the assets in your Account. We have no implied duties under the Agreement. We have no duty to see to the application of the Account assets delivered to you or at your direction. We have no duty to take any action not specified in the Agreement. Except as provided in this Agreement, we have no obligation to commence, appear in, or defend any legal action pertaining to assets held or to be held in your Account. E. We have no responsibility to verify the accuracy of any carrying or cost basis value information you provide. We have no responsibility to collect property to be transferred to the Account or enforce collections of any income, dividends, or other distributions on behalf of the Account. Any distributions we receive will be added to the Account. F. Except as required by applicable law, we are not responsible for, and you will reimburse us for indemnify us for, and hold us harmless from, any loss incurred by reason of any act, omission to act, or direction by you, any broker, your Representative, Service Provider, or any third-party providing services, information, or valuations with respect to your Account. G. We will be liable only for our gross negligence or willful misconduct. In no event will we be liable for consequential, indirect, incidental, punitive, exemplary, or special damages or other damages not measured by the actual damages that are incurred by you, even if we have been advised of the possibility of such damages. The Agreement does not relieve us from any responsibility or liability we may have under federal or state securities laws, or responsibility or liability resulting from our gross negligence or willful misconduct in providing the Services. H. You will indemnify us and hold us harmless against all claims, losses, liabilities, damages, and expenses, including reasonable attorneys’ fees, relating to the Agreement, the performance of our duties under the Agreement, or the performance of the Services, including any claims, losses, liabilities, damages, and expenses resulting from (i) any representations and warranties made by you in the Agreement or in any documentation provided to us by you that is either incorrect or incomplete, (ii) any direction given by you to purchase, retain, or sell any asset for your Account, (iii) any direction given by you to use a particular broker, or (iv) any participation by us in any breach of fiduciary duty by you. You will pay the costs and expenses of enforcing this right of indemnification. I. Except as required by law, any claim you have against BMO or its affiliates is barred unless you commence an arbitration proceeding to assert the claim within six months after we deliver to you the Statement that discloses the basis for the claim. A Statement discloses the basis of a claim if it provides sufficient information to you so that you knew of the potential claim or reasonably should have inquired into the existence of the claim. J. The limitations and protections set forth in this Section 9 pertaining to our liability will apply to any action or omission by our affiliates. K. The provisions of this Section 9 will survive the termination of the Agreement. Your Responsibilities
Appears in 1 contract
Sources: Custody Account Agreement
Liability Risk. A. We use valuation and other information from a wide variety of public and private sources for making investment decisions, making recommendations, and preparing your Statements. We do not warrant or guarantee the accuracy of the valuations or information we utilize. We do not warrant or guarantee the accuracy of any Statement or report, and we are not liable for any mistakes contained in any Statement or report we provide. We are not liable for any loss that arises from any mistakes or inaccuracies in information that we rely on in good faith.
B. Investments in your Account are subject to risks, including the possible loss of principal. We are not liable or accountable for any mistakes of valuation, fact, law, or investment losses; for any error of judgment by us or our affiliates; or for any resulting loss or damage suffered by you. We do not guarantee performance of any investment in your Account, the return of your principal, or the receipt of any capital gain or investment profit. We may implement a long-term investment strategy that may not seek to maximize market values over any specific period, but which in our best judgment is in your best interest.
C. We are not liable for any loss due to forces beyond our reasonable control, including delays, errors, or interruptions in Service caused by natural disaster, weather, strikes, work stoppages, acts of war or terrorism, court order, failure or fluctuation in electrical power or availability of systems, pandemics or endemics, or any other event of force majeure.
D. We have no responsibility or liability with respect to your assets other than the assets in your Account. We have no implied duties under the Agreement. We have no duty to see to the application of the Account assets delivered to you or at your direction. We have no duty to take any action not specified in the Agreement. Except as provided in this Agreement, we have no obligation to commence, appear in, or defend any legal action pertaining to assets held or to be held in your Account.
E. We have no responsibility to verify the accuracy of any carrying or cost basis value information you provide. We have no responsibility to collect property to be transferred to the Account or enforce collections of any income, dividends, or other distributions on behalf of the Account. Any distributions we receive will be added to the Account.
F. We will not supervise or manage any Subadviser or third-party custodian. We are not responsible for any losses caused by a Subadviser or third-party custodian that you select or that we select, as long as we exercise due care in the selection and periodic monitoring of the Subadviser or third-party custodian. Except as required by applicable law, we are not responsible for, and you will reimburse us for indemnify us forreimburse, indemnify, and hold us harmless from, any loss incurred by reason of any act, omission to act, or direction by you, any Subadviser, broker, custodian, your Representative, Service Provider, or any third-third party providing services, information, or valuations with respect to your Account.
G. We will be liable only for our gross negligence or willful misconduct. In no event will we be liable for consequential, indirect, incidental, punitive, exemplary, or special damages or other damages not measured by the actual damages that are incurred by you, even if we have been advised of the possibility of such damages. The Agreement does not relieve us from any responsibility or liability we may have under federal or state securities laws, or responsibility or liability resulting from our gross negligence or willful misconduct in providing the Services.
H. You will indemnify us and hold us harmless against all claims, losses, liabilities, damages, and expenses, including reasonable attorneys’ fees, relating to the Agreement, the performance of our duties under the Agreement, or the performance of the Services, including any claims, losses, liabilities, damages, and expenses resulting from (i) any representations and warranties made by you in the Agreement or in any documentation provided to us by you that is either incorrect or incomplete, (ii) any direction given by you to purchase, retain, or sell any asset for your Account, (iii) any direction given by you to use a particular broker, (iv) your engagement of a third-party custodian, or (ivv) any participation by us in any breach of fiduciary duty by you. You will pay the costs and expenses of enforcing this right of indemnification.
I. Except as required by law, any claim you have against BMO or its affiliates is barred unless you commence an arbitration a proceeding to assert the claim within six months after we deliver to you the Statement that discloses the basis for the claim. A Statement discloses the basis of a claim if it provides sufficient information to you so that you knew of the potential claim or reasonably should have inquired into the existence of the claim.
J. The limitations and protections set forth in this Section 9 11 pertaining to our liability will apply to any action or omission by our affiliates.
K. The provisions of this Section 9 11 will survive the termination of the Agreement. Your Responsibilities
Appears in 1 contract