Common use of Disclaimer and Indemnification Clause in Contracts

Disclaimer and Indemnification. BUYER AND SELLER EXPRESSLY ACKNOWLEDGE, COVENANT, AND AGREE THAT AUCTIONEER AND ITS AFFILIATED LICENSEES, EMPLOYEES, MANAGERS, OFFICERS, AGENTS, AND OTHER REPRESENTATIVES (the “Auctioneer Parties”) PROVIDE NO WARRANTIES OR GUARANTIES WHATSOEVER WITH REGARD TO THE MINERAL RIGHTS OR THE SALE TRANSACTION CONTEMPLATED BY THIS CONTRACT, NOR DO THEY HOLD THEMSELVES OUT TO BE EXPERTS IN OIL, GAS, AND MINERAL RIGHTS MATTERS. SELLER AND BUYER, JOINTLY AND SEPARATELY, EACH INDEMNIFY AND HOLD HARMLESS THE AUCTIONEER PARTIES, AND EACH OF THEM, IN THE EVENT OF LOSSES, CLAIMS, OR DEMANDS BY OR AGAINST SELLER OR BUYER. THIS SECTION AND THE PARTIES’ RESPECTIVE OBLIGATIONS AND DUTIES UNDER THIS SECTION SURVIVE THE CLOSING.