Common use of Liability on Termination Clause in Contracts

Liability on Termination. Upon any termination of this Agreement pursuant to Section 5.02 (a), no party shall have any liability or obligation hereunder (except to observe the confidentiality provisions hereof), and each party shall bear the expenses incurred by it. If a party should terminate pursuant to Section 5.02(b) or Section 5.02(d), the terminating party shall have no liability, but the defaulting party shall not be excused from liability to the other party unless it can clearly demonstrate that the failure to perform was caused by persons or acts beyond its control. If the termination is the result of an event described in Section 5.02(c) above, the terminating party shall have no liability to the other party provided that the terminating party did not delay the closing beyond the Outside Date, but the party causing that delay shall not be excused from liability to the other party unless it can clearly demonstrate that such delay was caused by persons or acts beyond its control.