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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My company have prepared a report for a financial services

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My company have prepared a report for a financial services client, which is intending to onward distribute the report to their own clients and beyond. Please can you comment on the validity of the following disclaimer that has been suggested. Should we add anything else?
“This report (“report”) has been prepared by XXX solely for XXX’s direct contracted client (“Authorized Recipient”) and is intended as background information or support research only. It does not in any way constitute investment advice and should not be construed as an offer to sell, a solicitation to buy, or an endorsement or recommendation of any company or security. XXX disclaims all responsibility for investment decisions based on the content of this report or the dissemination or distribution of this report to a third party.
The report has been carried out based on a combination of primary and secondary information, assumptions and information provided by the Authorized Recipient.
In particular, the assumptions are subject to future economic, regulatory and other uncertainties, including those which may not be foreseeable.
Accordingly, as per XXX’s standard policies for such engagements, we can provide no assurance that the projections/analysis will be actually achieved/realised. The decision as to whether to follow any or all of this document and the manner in which to do so is the responsibility of the user and XXX shall accordingly have no responsibility or liability for any such decision.
All documents, records and information considered in the course of the project and in the preparation of the report have been assumed to be authentic, complete and accurate. Information used here and received from primary sources is believed to be reliable, but has not been verified in all cases and thus no representation or warranty of any kind can be made by XXX as to the accuracy or completeness of the report or any part. Each recipient of the report, whether received with or without XXX’s consent or knowledge, will be entirely responsible for the consequences of any use of the contents of the report and XXX shall not be liable to any person for any actions taken or not taken based on all or any part of them.
In providing the report, XXX is not providing any legal or financial advice.
You are advised that this report should not be relied upon as authoritative or taken in substitution for the exercise of the Authorized Recipient’s judgment and conclusions. This report may not be reproduced or distributed (in whole or in part) to any third party under the name of or using the trademarks trade names or services marks of XXX without the express prior permission of XXX.
Any conclusions, calculations or determinations reached in this report (the “Information”) constitutes XXX’s conclusions as at the date of this Communication and is subject to change without notice.”
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Authorised has a Z in it

Alex Watts :

You should also put - if you are in any doubt as to the legal position you should take independent legal advice.

Alex Watts :

Can I clarify anything for you about this today please?


Thanks. There is also a suggestion that we would be better served by simply putting a link to our webpage and showing this disclaimer, rather than showing the full text on each report. What would be your opinion on this?

Alex Watts : You are able to say that the disclaimer forms part of the terms and conditions which can be found at www.etc
Alex Watts : But it is always better to have a disclaimer on the document for the avoidance of any misunderstanding where possible, even If it is on the back
Alex Watts : Does that help?

One final thing. A colleague says that all such disclaimers are virtually worthless, because for them to be legally valid, the person reading the report and/or acting upon it has to accept that he/she has read the disclaimers and agrees with them. Is he correct?

Alex Watts : No. The fact it is there means they should read it.
Alex Watts : Your friend is referring to contract term of which this is not.
Alex Watts : Does that clarify?

So if it is not a 'contractual term' what is it? (I appreciate that these are third parties with whom we have no direct contract.)


(And is this similar to the law around standard email disclaimers or is there a difference here?)

Alex Watts : It's a disclaimer, you are excluding liability.
Alex Watts : Its not a contractual term as I assume there is already a contract in place.
Alex Watts : Its limiting liability in terms of the report and its contents.
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