Common use of Liability Clause in Contracts

Liability. The Bank shall be liable to the Client for the due and timely discharge of its obligations under the Contract. Bank’s obligations shall be discharged on time if discharged within the deadlines required by law, by the Contract, or within deadlines adequate to the nature of the obligations, business practice and market-standard banking practice. The Bank shall be liable to the Client for any damage suffered by the Client due to a breach by the Bank of its obligations under the Contract. If the Bank becomes obliged to compensate the Client for damage, this obligation of the Bank shall be limited to the actual damage and the Bank shall not be obliged to compensate lost profit or loss of goodwill, reputation, business opportunity or anticipated savings.