Vendor Protection Clauses Flashcards
1
Q
De maximis clause
A
Caps Seller’s liability for claims
2
Q
De minimis clause
A
Sets minimum amount that Seller is liable for
Prevents liability for low value or frivolous claims
3
Q
Time limit clause
A
Gets rid of liability
Increase certainty of clean break
4
Q
What is the default position without a time limit VPC?
A
6 years from breach of contract
12 years from breach of deed
5
Q
Entire agreement clause
A
Make it impossible for the Buyer to bring an action in innocent/negligent misrepresentation against the Seller
