Corporate Lawyer
Corporate Lawyer Interview Questions and Answers
Updated 1 Jul 2024
Q1. What do you mean by limitation of liability clause?
Ans.
A limitation of liability clause is a provision in a contract that limits the amount of damages one party can be held liable for in case of a breach or dispute.
Limits the amount of damages a party can be held liable for
Protects the party from excessive financial risk
Commonly found in contracts for services, products, or leases
May include exclusions for certain types of damages
Can help in negotiating terms and reducing legal disputes
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₹ 4 L/yr - ₹ 9 L/yr
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