This is part of a series of articles on transactional contracts issues by Prof. Michael L. Bloom and students in the Transactional Lab at the University of Michigan Law School.
In a commercial context, limitation-of-liability provisions allow contracting parties to manage their risk by limiting the extent to which a party may be liable to the other. Because limitation-of-liability provisions affect a contracting party’s extent of potential recovery, these provisions can be contentious and heavily negotiated. Limitations of liability can take at least two forms: (1) limitations of the total amount of damages available for recovery (a “cap”); and (2) exclusions of the types of damages available for recovery.
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