Common use of Basis of liability Clause in Contracts

Basis of liability. The obligations of each of the Placing Banks under this Agreement are several and not joint or joint and several. Other than as expressly set out in this Agreement, nothing contained or implied in this Agreement constitutes a Placing Bank the partner, agent or representative of any other Placing Bank for any purpose or creates any partnership, agency or trust between them and none of them has the authority to bind the others in any way. No Placing Bank is liable to any other person for the acts or omissions of, advice given by or failure or default of another Placing Bank.