A contract provision that relieves one party of liability if damages are caused during the execution of the contract. The party that issues the exculpatory clause is typically the one seeking to be relieved of the potential liability. For example, a venue may print an exculpatory clause on tickets it sells for a concert indicating that it is not responsible for personal injury caused by employees or others during the show.
While exculpatory clauses are typically upheld, they can be challenged and overturned in court. The court can determine that the clause is unreasonable if both parties in the contract do not have equal bargaining power or if the clause eliminates liability for negligence.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
exculpatory clause — n. A clause in a legal document that releases a party from liability for wrongdoing. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. exculpatory clause … Law dictionary
exculpatory clause — A contract clause which releases one of the parties from liability for his or her wrongful acts. A provision in a document which protects a party from liability arising, in the main, from negligence; such clause is common in leases, contracts and … Black's law dictionary
exculpatory clause — A clause in a trust instrument relieving the trustee from liability for any act performed by him under the trust instrument in good faith. Anno: 78 ALR2d 36 … Ballentine's law dictionary
exculpatory — ex·cul·pa·to·ry /ek skəl pə ˌtōr ē/ adj: tending or serving to exculpate an exculpatory clause in a contract compare inculpatory Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
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