Common use of Liability on Termination Clause in Contracts

Liability on Termination. If this Agreement is terminated, it shall, except for obligations contained in Sections 12.1, 12.4 and 12.5 hereof, become void and of no force and effect and there shall be no liability on the part of any party hereto or their respective officers and directors except to the extent that any party is in default of any of its obligations, including, without limitation, a breach of any representation, warranty, or covenant herein; for greater certainty, nothing herein shall limit, restrict, release or diminish a party’s right to bring a claim, suit or action for losses or damages including, without limitation, for recovery of costs, expenses, losses, legal expenses, fees to consultants, investment banking firms, bankers and other lenders and prospective equity investors, for economic loss or otherwise arising from such default.