No Recourse; Limited Liability Sample Clauses
The "No Recourse; Limited Liability" clause establishes that certain parties, such as shareholders, directors, or affiliates, are not personally liable for the obligations or debts arising from the agreement. In practice, this means that if a party defaults or breaches the contract, the other party cannot pursue claims or seek compensation from individuals or entities beyond those explicitly bound by the agreement. This clause serves to protect individuals and related entities from personal financial exposure, ensuring that only the assets of the contracting party are at risk, thereby limiting liability and clarifying the boundaries of legal recourse.
No Recourse; Limited Liability. No recourse under or upon any obligation contained in this Agreement shall be had against BayCorp Holdings, Ltd., Energy Management, Inc., BayCorp Nacogdoches, LLC, EMI Nacogdoches, LLC, Tyr Energy, Inc., Tyr Biomass, LLC or any partner, member, manager, stockholder, director, officer or employee of Seller. Purchaser expressly waives and releases all right to assert liability under this Agreement against, or to satisfy any claim arising hereunder or thereunder against, any such person.