Surveying FS

Category - Law & Business

What is the importance of the inclusion of a maximum Limit of Liability clause in a surveying contract?
  1. To identify who is liable for claims arising out of services performed under the contract.
  2. To establish a reasonable limit of liability for claims arising out of services performed under the contract.
  3. Answers A and B
  4. None of the above
Explanation
Answer: B - It is important to include a maximum Limit of Liability clause that establishes a reasonable limit of liability for claims arising out of services under the contract. An example of a Limit of Liability clause that provides a reasonable limit of liability is as follows:

“It is understood that the total liability of Acme Surveyors for any claims arising out of the services performed under this agreement shall be limited to a maximum of the net fee received by Acme Surveyors, not including reimbursable sub-consultant fees and expenses.”
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