Legal Question in Business Law in Philippines

Co A enters into a contract with Co B to store their produtcs. The Liability Clause states that "B"s liability to loss or damage of products under their custody is limited to $xxxx. It also states that both parties are not liable to indirect and consequential damages. From my understanding, the LOL clause handles the direct liability betweent A & B. From my understanding also, the Indemnity Clause handles liability for 3rd party claims. If the contract doesn't have any indemnity clause and a 3rd party claim to Co A arise due to Co B's negligence or willful misconduct or vice versa, will Co A or B be liable to the other? if so, what will be the limitation of liability? From my understanding, the indemnity is subject to the LOL set out in the contract. But for this instance, the LOL clause only covers for loss or damages to the products.

Asked on 6/26/13, 1:21 am

VOLTAIRE T. DUANO VOLTAIRE T. DUANO LAW OFFICE

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The contract governs.

Answered on 6/26/13, 9:26 am

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