August 28, 2013
Notice regarding minor change to Section 4.1 in Membership Agreement
Our intention in Section 4.1 of the Membership Agreement was to highlight that no party will be liable for losses indirectly incurred by the other. The original wording did not make this absolutely clear, so we have updated the clause to ensure clarity. The new wording is provided below as well as a view of the marked-up changes. Section 8.10 of the agreement permits changes to the agreement to be posted on the website and serve as notice.
Updated Membership Agreements will not be issued as this notice constitutes notification of the change.
Please note that the revision is made effective immediately and any agreements that have already been signed remain in good standing and are eligible for uploading to the portal during reporting.
Consequently paragraph 4.1 is amended to read as follows:
4.1 Limitation of liability. In no event will either party be liable for any indirect, incidental,
special, exemplary or consequential losses or damages, including lost or anticipated profits, savings, interruption to business, loss of business opportunities, loss of business information, the cost of recovering such lost information, or any other like pecuniary loss arising out of this agreement, whether you have advised us or we have advised you of the possibility of such damages. Each party’s aggregate liability in respect of any and all claims will be limited to the amount of Fees paid by you to MMBC in the most current Obligation Year. The foregoing limitations apply regardless of the cause or circumstances giving rise to such loss, damage or liability, even if such loss, damage or liability is based on negligence or other torts or breach of contract (including fundamental breach or breach of a fundamental term).
Outlined below are the marked-up changes that were made to paragraph 4.1.
4.1 Limitation of liability. In no event will either party be liable for any losses or damages
incurred by the other party, whether direct, indirect, incidental, special, exemplary or
consequential losses or damages, including lost or anticipated profits, savings, interruption to business, loss of business opportunities, loss of business information, the cost of recovering such lost information, or any other like pecuniary loss arising out of this agreement, whether you have advised us or we have advised you of the possibility of such damages. Each party’s aggregate liability in respect of any and all claims will be limited to the amount of Fees paid by you to MMBC in the most current Obligation Year. The foregoing limitations apply regardless of the cause or circumstances giving rise to such loss, damage or liability, even if such loss, damage or liability is based on negligence or other torts or breach of contract (including fundamental breach or breach of a fundamental term).