Reliance on legal advice: Difference between revisions

Reliance on legal advice (view source)

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 }}You may see this sort of clause, especially in a [[custody]] or [[agency]] agreement:
-:'''''The Custodian May Consult with Counsel'''''
+:'''''The Agent May Consult with Counsel'''''
-:''The Custodian will be entitled to rely on, and may act upon the advice of professional advisers in relation to matters of law, regulation or market practice, '''and shall not be [[deemed]] to have been [[negligent]] [[with respect to]] any action taken or [[Act or omission|omitted]] [[pursuant to]] such advice'''.''
+:''The Agent will be entitled to rely on, and may act upon the advice of professional advisers in relation to matters of law, regulation or market practice, '''and shall not be [[deemed]] to have been [[negligent]] or in [[breach of contract]] [[with respect to]] any action taken or [[Act or omission|omitted]] [[pursuant to]] such advice'''.''
 Have no truck with this nonsense.