LMLP Sample Clauses
The LMLP clause, which stands for "Limitation of Maximum Liability Provision," sets a cap on the total amount of liability that one party may incur under a contract. In practice, this clause specifies a maximum dollar amount or a formula for calculating the upper limit of damages or losses that can be claimed, regardless of the actual harm suffered. For example, it may limit liability to the value of the contract or a fixed sum. The core function of the LMLP clause is to allocate and manage risk between parties by preventing potentially unlimited financial exposure, thereby providing certainty and predictability in contractual relationships.
LMLP. No LMLP Affiliated Party nor or any officer, director, trustee, shareholder, member, manager, partner, employee, Affiliate or agent of any LMLP Affiliated Party shall be liable, responsible or accountable in damages or otherwise to the Partnership or any other Partner for any act or omission on behalf of the Partnership, in good faith and within the scope of the authority conferred on LMLP GP as General Partner under this Agreement or otherwise under this Agreement or the Asset Manager, as the case may be, or by law unless such act or failure to act (i) is or results in a breach of any representation, warranty or covenant of any LMLP Partner contained in this Agreement or any other agreement entered into in connection therewith or related thereto, (ii) was fraudulent or committed in bad faith or (iii) constituted gross negligence, willful misconduct or a breach of fiduciary duty.