DISCLAIMERS ICRA obtains all Materials furnished on the Site from sources believed by it to be accurate and reliable. You expressly agree that (a) the credit ratings and other opinions provided via the Site are, and will be construed solely as, statements of opinion of the relative future credit risk (as defined below) of entities, credit commitments, or debt or debt-like securities and not statements of current or historical fact as to credit worthiness, investment or financial advice, recommendations regarding credit decisions or decisions to purchase, hold or sell any securities, endorsements of the accuracy of any of the data or conclusions, or attempts to independently assess or vouch for the financial condition of any company; (b) the credit ratings and other credit opinions provided via the Site do not address any other risk, including but not limited to liquidity risk, market value risk or price volatility; (c) the credit ratings and other opinions provided via the Site do not take into account your personal objectives, financial situations or needs; (d) each rating or other opinion will be weighed, if at all, solely as one factor in any investment or credit decision made by or on behalf of you; and (e) you will accordingly, with due care, make your own study and evaluation of each investment decision or security, and of each issuer and guarantor of, and each provider of credit support for, each security or credit that you may consider purchasing, holding, selling, or providing. For the avoidance of doubt, ICRA’s Materials and opinions may also include quantitative model-based estimates of credit risk and related opinions or commentary. Further, you expressly agree that any tools or information made available on the Site are not a substitute for the exercise of independent judgment and expertise. You should always seek the assistance of a professional for advice on investments, tax, the law, or other professional matters. For purposes of this paragraph, ICRA defines “credit risk” as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default.
ICRA adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources ICRA considers to be reliable, including, when appropriate, independent third-party sources. However, ICRA is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing ICRA’s Materials made available on the Site. Because of the possibility of human or mechanical error as well as other factors, the Site and all related Materials are provided on an "AS IS" and “AS AVAILABLE” basis without representation or warranty of any kind, and THE ICRA PARTIES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO YOU OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, RESULTS, TIMELINESS, COMPLETENESS, MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT TO THE SITE OR ANY RELATED MATERIALS. ICRA makes no representation or warranty that any Materials on the Site are appropriate or available for use in any particular locations, and access to them from territories where any of the contents of this Site are illegal is prohibited. If you choose to access this Site from such locations, you do so on your own volition and are responsible for compliance with any applicable local laws, rules and regulations. ICRA may limit the Site’s availability, in whole or in part, to any person, geographic area or jurisdiction we choose, at any time and in our sole discretion. You agree and acknowledge that no oral or written information or advice given by ICRA or any of its employees or agents in respect to the Site shall constitute a representation or a warranty unless such information or advice is incorporated into these Terms of Use by a written agreement. FURTHER, THE MATERIALS, MADE AVAILABLE ON THIS SITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS, AND THERE MAY BE TIMES WHEN THIS SITE OR ITS CONTENTS ARE UNAVAILABLE. MOREOVER, ICRA MAY MAKE MODIFICATIONS AND/OR CHANGES TO THE SITE OR TO THE MATERIALS DESCRIBED OR MADE AVAILABLE ON THE SITE AT ANY TIME, FOR ANY REASON. YOU ASSUME THE SOLE RISK OF MAKING USE AND/OR RELYING ON THE MATERIALS MADE AVAILABLE ON THE SITE.
ICRA’S CREDIT RATINGS AND ICRA’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER ICRA’S CREDIT RATINGS OR ICRA’S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
TO THE EXTENT PERMITTED BY LAW, THE ICRA PARTIES DISCLAIM LIABILITY FOR ANY, INDIRECT, SPECIAL, CONSEQUENTIAL, OR INCIDENTAL DAMAGES WHATSOEVER ARISING OUT OF OR IN CONNECTION WITH YOUR ACCESS TO OR USE OF THIS SITE AND ITS CONTENT, EVEN IF ANY OF THE ICRA PARTIES HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES, INCLUDING, BUT NOT LIMITED TO:
- COMPENSATION, REIMBURSEMENT OR DAMAGES ON ACCOUNT OF THE LOSS OF PRESENT OR PROSPECTIVE PROFITS;
- EXPENDITURES, INVESTMENTS OR COMMITMENTS, WHETHER MADE IN THE ESTABLISHMENT, DEVELOPMENT OR MAINTENANCE OF BUSINESS REPUTATION OR GOODWILL;
- ANY LOSS OR DAMAGE ARISING WHERE THE RELEVANT FINANCIAL INSTRUMENT IS NOT THE SUBJECT OF A PARTICULAR CREDIT RATING ASSIGNED BY ICRA;
- LOSS OF DATA;
- COST OF SUBSTITUTE MATERIALS;
- COST OF CAPITAL;
- THE CLAIMS OF ANY THIRD PARTY, OR
- ANY SUCH DAMAGES ARISING OUT OF OR IN CONNECTION WITH ANY OTHER REASON WHATSOEVER.
TO THE EXTENT PERMITTED BY LAW, THE ICRA PARTIES DISCLAIM LIABILITY FOR ANY DIRECT OR COMPENSATORY DAMAGES CAUSED TO ANY PERSON OR ENTITY, INCLUDING BUT NOT LIMITED TO BY ANY NEGLIGENCE (BUT EXCLUDING FRAUD, WILLFUL MISCONDUCT OR ANY OTHER TYPE OF LIABILITY THAT, FOR THE AVOIDANCE OF DOUBT, BY LAW CANNOT BE EXCLUDED) ON THE PART OF, OR ANY CONTINGENCY WITHIN OR BEYOND THE CONTROL OF, THE ICRA PARTIES ARISING FROM OR IN CONNECTION WITH YOUR USE OF THIS SITE AND ITS CONTENTS.
THE USER MUST USE ALL REASONABLE ENDEAVORS TO MITIGATE ANY LOSS OR DAMAGE WHATSOEVER (AND HOWSOEVER ARISING) AND NOTHING IN THESE TERMS OF USE SHALL BE DEEMED TO RELIEVE OR ABROGATE THE USER OF ANY SUCH DUTY TO MITIGATE ANY LOSS OR DAMAGE.
IN ANY EVENT, TO THE EXTENT PERMITTED BY LAW, THE AGGREGATE LIABILITY OF THE ICRA PARTIES FOR ANY REASON WHATSOEVER RELATED TO ACCESS TO OR USE OF THIS SITE AND ITS CONTENTS SHALL NOT EXCEED THE GREATER OF (A) THE TOTAL AMOUNT PAID BY THE USER FOR SERVICES PROVIDED VIA THIS SITE PURSUANT TO THESE TERMS OF USE DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO LIABILITY.