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Allocation of risk

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Definition Edit

Allocation of risk refers to contract provisions that determine which party assumes the risk of certain events occurring (or failing to occur).

Sample clause Edit

THE SECTIONS ON LIMITATION OF LIABILITY, DISCLAIMER OF WARRANTIES, AND WARRANTIES ALLOCATE THE RISKS OF THE AGREEMENT BETWEEN THE PARTIES. THIS ALLOCATION IS REFLECTED IN THE PRICING OF THE SOFTWARE AND IS AN ESSENTIAL ELEMENT OF THE BASIS OF THE BARGAIN BETWEEN THE PARTIES.

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