This type of clause should only be added to an agreement if it is intended that the parties are not entitled to claim any remedies beyond those specifically stated in the agreement.

1 [The Parties intend that their respective rights, obligations and liabilities as provided for in this Agreement shall be exhaustive of the rights, obligations and liabilities between them arising out of or in connection with this Agreement. Accordingly, the remedies expressly stated in this agreement shall be the sole and exclusive remedies of the parties for liabilities to one another arising out of or in connection with this agreement, including any representation, warranty, or undertaking given in connection with it, notwithstanding any remedy otherwise available at law or in equity. However, this sub-clause shall not restrict remedies in respect of fraud.

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