| Webster's Online Dictionary |
| Expressions | Domain | Definition | |
| Exculpatory Clause | Economics | 1. A contractual clause that releases one party from liability in case of wrong doing by the other party involved. 2. A contractual clause which excuses a trustee from liability where he executes a power in good faith. (references) | |
| Exculpatory clause | Finance | That part of a written agreement that relieves one party to the agreement of liability as a result of actions (or lack of actions) performed in the course of executing the terms of the contract. In a trust agreement, an exculpatory clause relieves the trustee of liability resulting from any act performed in good faith under the trust agreement. In a lease, the exculpatory clause relieves the landlord of liability for personal injury to tenants or damage to tenants' property. (references) | |
| Exculpatory clause | Law | A clause which excuses one party from personal liability in the event of a default. Source: European Union. (references) | |
Source: compiled by the editor from various references; see credits. | Top | ||
