Common use of Exemption from Liability Clause in Contracts

Exemption from Liability. (a) Any action which the Bank may or may not take will be solely for the account and risk of the Customer. Without prejudice to, and in addition to, any exemption or limitation from liability clauses under the Agreement (including but not limited to Part I, Part II and Part IV of these General Terms), the Bank shall not be liable or responsible in any manner for any Losses that the Customer or any other person may suffer or incur howsoever arising as a result of, arising from or in connection with any action taken or for any failure to act, except for wilful misconduct or gross negligence on the part of the Bank, any of its directors, officers, employees or agents. The Bank further has no duty or responsibility to give notice of default or make demand for payment or take any other action with respect to any Securities or Investments as to which a default in payment had occurred. Without prejudice to the foregoing, the Bank shall not be liable for any loss or diminution in the value of any property or security under the Discretionary Account(s) resulting from, arising from or in connection with any Investment made by the Bank in good faith and without gross negligence or fraud on the part of the Bank or any of its directors, officers, employees or agents.

Exemption from Liability. (a) Any action which the Bank may or may not take will be solely for the account and risk of the Customer. Without prejudice to, and in addition to, any exemption or limitation from liability clauses under the Agreement (including but not limited to Part I, Part II and Part IV of these General Terms), the Bank shall not be liable or responsible in any manner for any Losses that the Customer or any other person may suffer or incur howsoever arising as a result of, arising from or in connection with any action taken or for any failure to act, except for wilful misconduct or gross negligence on the part of the Bank, any of its directors, officers, employees or agents. The Bank further has no duty or responsibility to give notice of default or make demand for payment or take any other action with respect to any Securities Specified Products or other Investments as to which a default in payment had occurred. Without prejudice to the foregoing, the Bank shall not be liable for any loss or diminution in the value of any property or security under the Discretionary Investment Account(s) resulting from, arising from or in connection with any Investment made by the Bank in good faith and without gross negligence or fraud on the part of the Bank or any of its directors, officers, employees or agents.