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Limited Liability Agreement

Limited Liability Agreement Template for Malaysia

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Key Requirements PROMPT example:

Limited Liability Agreement

"I need a Limited Liability Agreement for my Malaysian technology company providing cloud services to financial institutions, with a liability cap of RM 5 million and specific provisions for data protection compliance, to be effective from March 1, 2025."

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Document background
The Limited Liability Agreement serves as a crucial legal instrument in Malaysian business relationships where parties seek to define and limit their potential liability exposure. This document is particularly vital in scenarios involving service provision, project implementation, or business partnerships where risk allocation needs to be clearly defined. The agreement must comply with Malaysian legislation, including the Companies Act 2016 and Contracts Act 1950, while addressing specific industry requirements and regulatory obligations. It typically includes comprehensive provisions on liability limitations, indemnification, insurance requirements, and dispute resolution mechanisms. The document is essential for businesses seeking to manage their risk exposure while maintaining productive business relationships within the Malaysian legal framework.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including their full legal names, registration numbers, and registered addresses

2. Background: Context of the agreement, relationship between parties, and purpose of the limited liability arrangement

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpreting the agreement

4. Scope of Agreement: Clear delineation of the activities, services, or relationship covered by the limited liability provisions

5. Limitation of Liability: Core provisions specifying the extent and nature of liability limitations, including monetary caps and types of losses covered

6. Exceptions to Limited Liability: Specific circumstances where the limitation of liability will not apply (e.g., fraud, willful misconduct)

7. Duration and Termination: Term of the agreement and circumstances under which it can be terminated

8. Indemnification: Mutual or unilateral indemnification obligations between the parties

9. Insurance Requirements: Mandatory insurance coverage to be maintained by the parties

10. Notices: Process and requirements for formal communications between parties

11. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for dispute resolution

12. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Confidentiality: Provisions for protecting confidential information, used when sensitive information will be exchanged

2. Intellectual Property Rights: Provisions regarding ownership and use of IP, included when IP is relevant to the relationship

3. Force Majeure: Provisions for unforeseen circumstances, particularly relevant for service or operational agreements

4. Assignment and Novation: Rules regarding transfer of rights and obligations, important for corporate restructuring scenarios

5. Step-In Rights: Rights of one party to take over certain obligations, relevant for project-based agreements

6. Dispute Resolution: Detailed alternative dispute resolution procedures, recommended for high-value or complex relationships

7. Change Control: Procedures for managing changes to services or obligations, relevant for ongoing operational relationships

8. Compliance with Laws: Specific compliance obligations, particularly relevant when regulatory requirements are significant

Suggested Schedules

1. Schedule 1 - Liability Caps: Detailed breakdown of liability limitations for different types of losses or events

2. Schedule 2 - Insurance Requirements: Specific insurance types, coverage amounts, and terms required

3. Schedule 3 - Service or Activity Scope: Detailed description of services or activities covered by the agreement

4. Schedule 4 - Key Personnel: List of key personnel responsible for managing the relationship, if applicable

5. Schedule 5 - Notice Details: Contact details and procedures for formal notices

6. Appendix A - Risk Assessment: Documentation of risk assessment and allocation between parties

7. Appendix B - Standard Operating Procedures: Relevant operational procedures affecting liability exposure

8. Appendix C - Compliance Requirements: Specific regulatory or compliance requirements affecting the relationship

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



















































Clauses









































Relevant Industries

Information Technology

Construction

Professional Services

Manufacturing

Healthcare

Financial Services

Energy and Utilities

Telecommunications

Engineering

Logistics and Transportation

Real Estate

Consumer Goods

Education

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Commercial

Procurement

Business Development

Corporate Governance

Contract Administration

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Contract Manager

Chief Financial Officer

Chief Operating Officer

Project Manager

Business Development Manager

Operations Director

Commercial Director

General Counsel

Company Secretary

Chief Executive Officer

Procurement Manager

Legal Director

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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