Common use of Allocation of Responsibility Clause in Contracts

Allocation of Responsibility. Neither the Custodian nor any other party providing services to the Custodial Account will have any responsibility for rendering advice with respect to the investment and reinvestment of the Custodial Account, nor shall such parties be liable for any loss or diminution in value which results from the Donor’s initial or the Student’s subsequent exercise of investment control over the Custodial Account. Donor will have and exercise exclusive responsibility for the initial investment of the assets of the Custodial Account. Thereafter Student shall have and exercise exclusive responsibility for and control over the investment of the assets of the Custodial Account. Neither Custodian nor any other party shall have any duty to question directions in that regard or to advise regarding the purchase, retention or sale of shares of one or more Funds for the Custodial Account.