EXEMPTION CLAUSES

ABSTRACT

It is common knowledge that the law recognizes as sacrosanct and enforces, the rights of parties as stated in a contract. In exercise of these embedded rights, a party may decide to exempt itself from obligations which should ordinarily be binding on him arising from that contract, these can be in the form of an exclusion and limitation clause. Exclusion and limitation clauses are clauses inserted in a contract in order to exclude or limit the liability of a party in the contract upon the occurrence of an event (usually a breach).