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A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can cap the amount of potential damages to which a company is exposed. The limit may apply to all claims arising during the course of the contract, or it may apply only to certain types of causes of action.
A typical limitation of liability clause contains four main elements: (1) the party who is benefiting from the limitation of its liability; (2) the party agreeing to limit its own recovery for someone else's negligence; (3) the type of claims to which the limitation applies; and (4) the amount of the limitation.