A party is liable for damages if it solicits a legal opinion in the case according to the agreement of the parties and the other party, who has reasonably believed in the verity of the legal opinion, suffers damages because it has performed its obligation or has made other financial dispositions.
The Committee may engage agents to assist it and may engage legal counsel who may be counsel for the Plan Sponsor. The Committee shall not be responsible for any action taken or omitted to be taken on the advice of counsel.
2007Under no circumstances shall any Service Provider be obligated to provide any Service requiring an opinion, advice or representation as to which liability may be created for such Service Provider or its Affiliates due to claims from the Receiving Party or any other person or entity, including any Governmental Authority (e.g., legal opinions or advice, tax opinions or advice, compliance opinions or advice), other than such customary representations as may reasonably be required by accountants in connection with the preparation of audited financial statements.
2005
2 The Principle relates to the situation in which two parties agree that one of them solicits a legal opinion and the other party suffers damages because it has performed its obligation or has made other financial dispositions in reliance in the correctness of the legal opinion. Because there is a contract related to the soliciting of the legal opinion between the parties, the party whose reliance in the correctness of the legal opinion is disappointed has a claim for damages against the other party.
Please cite as: "Commentary to Trans-Lex Principle , https://www.trans-lex.org/950000"