Waiver of Consequential Damages

A standard contract term incorporated in collaborative-delivery contracts in which each party – the owner and the design-builder or CMAR firm – agrees not to hold the other party responsible for incidental, indirect, special, punitive, or consequential damages resulting from its failure to meet contractual obligations. Matters that are considered as part of such a waiver include, but are not limited to, harm to reputation, economic losses, loss of use of a facility, loss of market position, loss of customers, or debt-service costs.