Common use of Liability of the Managers Clause in Contracts

Liability of the Managers. Neither the Company nor the Managers shall have any liability or claim against each other by reason of any act or omission taken or omitted to be taken by the Managers or the Company except for actions or inactions constituting gross negligence, willful misconduct or fraud.

Liability of the Managers. Neither the Managers nor any of their agents, partners, employees or counsel shall be liable, responsible or accountable in damages or otherwise to the Company nor or any Member for any action taken or failure to act (even if such action or failure to act constituted negligence on such Person's part) on behalf of the Managers shall have any liability Company within the scope of the authority conferred on the Manager by this Agreement or claim against each other by reason of any law, unless such act or omission taken failure to act was performed or omitted to be taken by the Managers willfully or the Company except for actions or inactions constituting gross negligence, willful misconduct or fraudintentionally and in bad faith.