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Limitations of liability
Definition:

Relevance: Insurances

The terms “limitation of liability” or “exclusion of liability” refer to contractual agreements or legal definitions which ensure that the liability or responsibility of a party is limited or excluded in certain cases. Limitations of liability or exemption clauses are often included in the General Terms and Conditions (GTC) of a contract or in the company information/disclaimer of a website, for example.  The framework for limitations of liability is stipulated in the German Civil Code (BGB).

Source: Wikipedia, edited and translated

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