In common law legal systems Exclusion Clauses are generally construed against the party seeking to rely on it to exclude their liability. The scope and intent of the parties needs to be drafted very carefully to be e'ective at law and to protect the balance sheet from liabilities. Is the statement above: 0 False 0 True In common law legal systems the parties can self regulate their liabilities in contract. To manage the risk of an Exclusion Clause being held by a court to be unenforceable by the party seeking to exclude liability the clause should be (1) reasonable (2) able to be construed to cover the intended liability, breach or event and (3) state the legal bases of liability that are being excluded. IS the statement above 0 False 0 True