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Americans are among the most generous people in the world, but trust in charities is declining amid concerns about transparency and accountability.
Charitable remainder trusts (CRTs) allow donors to provide for themselves and their loved ones while supporting a charity, offering the opportunity to “test-drive” a charity before making a long-term commitment.
Americans are among the most giving people in the world. This may come as a surprise in a country that prizes individualism and the pursuit of personal goals. But there are ways to give — and receive — at the same time.
One way to provide for you and your loved ones while giving something back is with a charitable remainder trust (CRT). For the discerning donor, a CRT also allows you to “test-drive” a charity and decide whether you want to double down on your gift or divert resources to causes you deem more worthy — a consideration that may have added importance amid a time of declining trust in charities.
Americans Losing Faith in Philanthropy
Year after year, the United States appears near the top of global generosity rankings, such as the World Giving Index by Charities Aid Foundation (CAF), which ranks the U.S. the world’s sixth-most generous country.
A report on CAF data found that, in 2022, more than 60 percent of Americans donated money. In 2023, they collectively gave $557 billion to charities. Most of this (67 percent) came from individuals, and much of the giving was by bequest (i.e., gifts made as part of an estate plan).
The U.S. also consistently ranks among the most individualistic countries in the world. Far from being mutually exclusive, as might be expected, evidence suggests that individualism and altruism are intertwined.
Psychologists say prosocial spending and happiness may create a virtuous cycle of greater giving. The American giving tradition is also shaped by ideals like building a more equitable society and a robust nonprofit sector that provides tax incentives for charitable donations.
But cracks are appearing in the American philanthropic spirit. Some Americans have lost faith in charities and are donating less over time.
This decline in trust mirrors an overall loss of trust in U.S. institutions. A lack of transparency about how donations are used and news stories about charities — such as the Red Cross raising half a billion dollars for Haiti and building just six homes — have contributed to this erosion of trust.
Recent controversies surrounding USAID have further intensified concerns about accountability and political neutrality in the philanthropic sector.
Some Americans are giving less simply because they have less to give. Half of Americans said in a 2024 poll that they reduced their charitable contributions because of the current economy. Most remain motivated to give out of the conviction that it’s the right thing to do. At the same time, 57 percent want to be more strategic in their charitable giving.
How CRTs Let You Support Causes Before Committing Long-Term
With more than 1.8 million recognized 501(c) organizations in the U.S., choosing a charity to donate to can be a difficult decision.
Should you fund clean water projects, local arts, or scholarships? Give money to rare disease research? Protect endangered species? The list of causes seems virtually endless.
In 2024, U.S. donors gave the most to health-related causes, followed by poverty, young people, religious organizations, disaster relief, and animal welfare, according to CAF America.
Most donors focus their giving on a few issues. The typical donor supports two to three different causes and prioritizes domestic efforts in their local communities.
Keeping donations close to home might allow donors to see the impact of their donation more directly. But even after choosing a charity to support, donors may question how effectively the charity is fulfilling its mission.
Donors are right to ask questions about charities and should do so before donating. They can also track dozens of key metrics— including expenses, the number of people served, and more — to measure a charity’s impact and success.
It’s not unusual to have regrets about donating to a charity, particularly when donors feel a lack of transparency from the organization, doubt their donation’s effectiveness, or worry about mismanagement of funds and other wrongdoings. However, it might take an actual scandal — like the revelation that a charity is disbursing only a fraction of funds to beneficiaries — to trigger donation regret, an outcome that research shows reduces future donation willingness.
Initial indecision about choosing a charity, the chances for regret about a chosen cause, and the fact that the causes most important to us change over time can lead to what might be characterized as “philanthropic commitment anxiety.”
You may be eager to give and don’t want to keep putting it off, but also hesitant to commit to a cause. With a charitable remainder trust as a vehicle for philanthropic exploration, you can “test-drive” your giving. You not only get income now, but you also can observe your chosen charity (or charities) in action and decide whether there’s a good long-term fit — or if your money should go elsewhere.
To give a prospective charity a trial run using a CRT, consider the following potential strategies:
“Multiple Beneficiary” Approach
How it works: When setting up the CRT, designate several charities as beneficiaries to receive a portion of the remainder assets upon the trust’s termination.
Benefits: Support multiple organizations simultaneously, receive a firsthand look at how each charity operates and uses funds, and compare their effectiveness and impact over time.
“Phased Distribution” Strategy:
How it works: If using a Charitable Remainder Unitrust (CRUT), structure it to distribute varying percentages of the trust assets to different charities at different times.
Benefits: This more dynamic approach allows you to adjust distributions based on your evolving assessment of each charity. You can increase support for high-performing organizations and decrease support for those that don’t meet expectations.
“DAF as Beneficiary” Method:
How it works: Name a Donor-Advised Fund (DAF) as the sole beneficiary of the CRT. You can then make grants from the DAF to various charities over time, even after the CRT term ends.
Benefits: The added flexibility of a DAF means you can continue to evaluate charities even after the trust term ends and adjust your giving strategy as needed from a centralized platform.
“Trustee Discretion” Option:
How it works: The CRT document can explicitly grant the trustee discretion to change charitable beneficiaries under certain circumstances, such as when a charity’s work no longer aligns with the donor’s original intent or demonstrates ineffectiveness. It can alternately define a broader charitable purpose (e.g., environmental conservation) and give the trustee discretion to select specific organizations that align with that purpose.
Benefits: The donor is giving up some control by empowering a trustee to choose charitable beneficiaries, but a CRT set up in this way has more flexibility to ensure the trust’s funds support relevant and impactful causes as circumstances change and charities come and go.
These are just a few of the ways to give charities a trial run prior to including them permanently in your legacy. Because CRTs are so versatile, there are other ways to use them as well.
By adding different provisions, for example, you can:
use a shorter fixed term (say, five to 10 years) to limit your commitment and fast-track insights;
use a fixed payout versus a variable payout to evaluate growth potential;
make your heirs income beneficiaries to educate them about giving;
select diverse causes with equal or varied shares to uncover where your true passion lies; or
use a CRT as an alternative to a “stretch” IRA for inherited retirement accounts.
Other CRT Benefits and Considerations
The benefits of the above strategies can be seen as a complement to the many other potential benefits of a CRT. These benefits include preserving the value of highly appreciated assets (e.g., business interests, appreciated securities, and appreciated real estate), asset diversification, and tax breaks.
Although highly versatile, the more customized a CRT, the more complex it can be to set up and run. Here are some additional points to keep in mind as you consider CRTs for your charitable giving:
Trust Structure. The type of CRT and its terms will affect your flexibility in “test-driving” charities.
IRS Rules. The IRS allows CRTs to distribute remainder funds to organizations that are recognized as charitable under section 501(c)(3) of the Internal Revenue Code. This includes public charities, private foundations, and DAFs. Income beneficiaries can receive annual payments between 5 percent and 50 percent.
Time Horizon. The length of the trust term will determine how long you have to observe the performance of different organizations.
Personal Involvement. Consider the level of involvement you want in the grantmaking process and choose a strategy that aligns with your preferences.
Limitations. Depending on the trust, you can usually file an amendment to change the charitable beneficiaries of a CRT, but not the noncharitable beneficiaries (the people receiving trust income). In addition, certain assets are not allowed in a CRT, including S-corporation stock and certain types of personal property. And because contributions to a CRT are irrevocable, once assets are in, you won’t be able to get them back.
A final word of advice: CRTs generally work better with more assets due to a mix of higher generated income, more opportunities for investment growth, more significant tax breaks, and trust administration costs. These costs can increase if you end up making changes to charitable beneficiaries.
For more general information about CRTs, check out this list of FAQs from the American College of Trust and Estate Counsel.
To determine the best CRT structure and strategy for your philanthropic goals get in touch with a local estate planning attorney.
<h2><strong><span style="font-size:14.0pt"><img alt="Woman sits at laptop donating money online to charity." src="https://cdn.elderlawanswers.com/common/uploads/photos/20927-Woman sits at laptop donating money to a charity AdobeStock_123977324 RESIZED.jpg" style="float:right; height:200px; margin-left:10px; margin-right:10px; width:367px" />Takeaways</span></strong></h2>
<ul>
<li><strong><span style="font-size:14.0pt">Americans are among the most generous people in the world, but trust in charities is declining amid concerns about transparency and accountability.</span></strong></li>
<li><strong><span style="font-size:14.0pt">Charitable remainder trusts (CRTs) allow donors to provide for themselves and their loved ones while supporting a charity, offering the opportunity to “test-drive” a charity before making a long-term commitment.</span></strong></li>
</ul>
<p><span style="font-size:14.0pt">Americans are among the most giving people in the world. This may come as a surprise in a country that prizes individualism and the pursuit of personal goals. But there are ways to give — and receive — at the same time.</span></p>
<p><span style="font-size:14.0pt">One way to provide for you and your loved ones while giving something back is with a <a href="https://www.elderlawanswers.com/charitable-remainder-trusts-income-for-life-and-a-good-deed-at-death-8581" target="_self">charitable remainder trust</a> (CRT). For the discerning donor, a CRT also allows you to “test-drive” a charity and decide whether you want to double down on your gift or divert resources to causes you deem more worthy — a consideration that may have added importance amid a time of declining trust in charities.</span></p>
<h2><strong><span style="font-size:14.0pt">Americans Losing Faith in Philanthropy </span></strong></h2>
<p><span style="font-size:14.0pt">Year after year, the United States appears near the top of global generosity rankings, such as the World Giving Index by Charities Aid Foundation (CAF), which <a href="https://www.cafonline.org/home/world-giving-index">ranks</a> the U.S. the world’s sixth-most generous country. </span></p>
<p><span style="font-size:14.0pt">A <a href="https://finance.yahoo.com/news/27-most-charitable-countries-world-045115517.html" target="_self">report</a> on CAF data found that, in 2022, more than 60 percent of Americans donated money. In 2023, they collectively <a href="https://www.nptrust.org/philanthropic-resources/charitable-giving-statistics/" target="_self">gave $557 billion</a> to charities. Most of this (67 percent) came from individuals, and much of the giving was by bequest (i.e., gifts made as part of an estate plan). </span></p>
<p><span style="font-size:14.0pt">The U.S. also consistently ranks among the most individualistic countries in the world. Far from being mutually exclusive, as might be expected, evidence suggests that individualism and altruism are intertwined. </span></p>
<p><span style="font-size:14.0pt"><a href="https://www.nytimes.com/2021/05/26/opinion/individualism-united-states-altruism.html" target="_self">Psychologists say</a> prosocial spending and happiness may create a virtuous cycle of greater giving. The American giving tradition is also shaped by ideals like building a more equitable society and a robust nonprofit sector that provides tax incentives for charitable donations. </span></p>
<p><span style="font-size:14.0pt">But cracks are appearing in the American philanthropic spirit. Some Americans have lost faith in charities and are <a href="https://philanthropy.indianapolis.iu.edu/news-events/news/_news/2024/drop-in-share-of-americans-who-give-to-charity-accelerated-in-first-year-of-covid-19-even-as-average-amount-given-rose.html#:~:text=Donors%20down%E2%80%A6,to%20about%20half%20in%202018." target="_self">donating less</a> over time.</span></p>
<p><span style="font-size:14.0pt">This decline in trust mirrors an overall loss of trust in U.S. institutions. A lack of transparency about how donations are used and news stories about charities — such as the <a href="https://www.propublica.org/article/how-the-red-cross-raised-half-a-billion-dollars-for-haiti-and-built-6-homes" target="_self">Red Cross</a> raising half a billion dollars for Haiti and building just six homes — have contributed to this erosion of trust.</span></p>
<p><span style="font-size:14.0pt">Recent <a href="https://www.factcheck.org/2025/02/sorting-out-the-facts-on-waste-and-abuse-at-usaid/" target="_self">controversies surrounding USAID</a> have further intensified concerns about accountability and political neutrality in the philanthropic sector. </span></p>
<p><span style="font-size:14.0pt">Some Americans are giving less simply because they have less to give. Half of Americans said in a <a href="https://newsroom.wf.com/English/news-releases/news-release-details/2024/American-Generosity-Squeezed-by-Economic-Uncertainty-According-to-Wells-Fargo-Study/default.aspx#:~:text=Even%20so%2C%2067%25%20of%20Americans,in%20order%20to%20give%20money." target="_self">2024 poll</a> that they reduced their charitable contributions because of the current economy. Most remain motivated to give out of the conviction that it’s the right thing to do. At the same time,<strong> 57 percent want to be more strategic in their charitable giving. </strong></span></p>
<h2><strong><span style="font-size:14.0pt">How CRTs Let You Support Causes Before Committing Long-Term</span></strong></h2>
<p><span style="font-size:14.0pt">With more than 1.8 million recognized 501(c) organizations in the U.S., choosing a charity to donate to can be a difficult decision. </span></p>
<p><span style="font-size:14.0pt">Should you fund clean water projects, local arts, or scholarships? Give money to rare disease research? Protect endangered species? The list of causes seems virtually endless. </span></p>
<p><span style="font-size:14.0pt">In 2024, U.S. donors gave the most to health-related causes, followed by poverty, young people, religious organizations, disaster relief, and animal welfare, according to <a href="https://cafamerica.org/blog/giving-trends-what-causes-will-u-s-donors-support-in-2024/#:~:text=Health%2Drelated%20causes%20and%20poverty,the%20end%20of%20the%20year." target="_self">CAF America</a>. </span></p>
<p><span style="font-size:14.0pt">Most donors focus their giving on a few issues. The typical donor supports two to three different causes and prioritizes domestic efforts in their local communities. </span></p>
<p><span style="font-size:14.0pt">Keeping donations close to home might allow donors to see the impact of their donation more directly. But even after choosing a charity to support, donors may question how effectively the charity is fulfilling its mission. </span></p>
<p><strong><span style="font-size:14.0pt">Donors are right to ask questions about charities and should do so before donating. They can also track dozens of </span></strong><span style="font-size:14.0pt"><a href="https://www.donorsearch.net/resources/nonprofit-fundraising-metrics/" target="_self"><strong>key metrics</strong></a> <strong>— including expenses, the number of people served, and more — to measure a charity’s impact and success. </strong></span></p>
<p><span style="font-size:14.0pt">It’s not unusual to have regrets about donating to a charity, particularly when donors feel a lack of transparency from the organization, doubt their donation’s effectiveness, or worry about mismanagement of funds and other wrongdoings. However, it might take an actual scandal — like the revelation that a charity is disbursing only a fraction of funds to beneficiaries — to trigger donation regret, an outcome that <a href="https://journals.sagepub.com/doi/full/10.1177/08997640221138263" target="_self">research</a> shows reduces future donation willingness. </span></p>
<p><span style="font-size:14.0pt">Initial indecision about choosing a charity, the chances for regret about a chosen cause, and the fact that the causes most important to us change over time can lead to what might be characterized as “philanthropic commitment anxiety.” </span></p>
<p><strong><span style="font-size:14.0pt">You may be eager to give and don’t want to keep putting it off, but also hesitant to commit to a cause. With a charitable remainder trust as a vehicle for philanthropic exploration, you can “test-drive” your giving. You not only get income now, but you also can observe your chosen charity (or charities) in action and decide whether there’s a good long-term fit — or if your money should go elsewhere.</span></strong></p>
<p><span style="font-size:14.0pt">To give a prospective charity a trial run using a CRT, consider the following potential strategies:</span></p>
<h3><strong>“Multiple Beneficiary” Approach</strong></h3>
<ul>
<li><strong><span style="font-size:14.0pt">How it works:</span></strong><span style="font-size:14.0pt"> When setting up the CRT, designate several charities as beneficiaries to receive a portion of the remainder assets upon the <a href="https://www.elderlawanswers.com/trusts-12006" target="_self">trust</a>’s termination.</span></li>
<li><strong><span style="font-size:14.0pt">Benefits:</span></strong><span style="font-size:14.0pt"> Support multiple organizations simultaneously, receive a firsthand look at how each charity operates and uses funds, and compare their effectiveness and impact over time.</span></li>
</ul>
<h3><strong>“Phased Distribution” Strategy:</strong></h3>
<ul>
<li><strong><span style="font-size:14.0pt">How it works:</span></strong><span style="font-size:14.0pt"> If using a Charitable Remainder Unitrust (CRUT), structure it to distribute varying percentages of the trust assets to different charities at different times.</span></li>
<li><strong><span style="font-size:14.0pt">Benefits:</span></strong><span style="font-size:14.0pt"> This more dynamic approach allows you to adjust distributions based on your evolving assessment of each charity. You can increase support for high-performing organizations and decrease support for those that don’t meet expectations.</span></li>
</ul>
<h3><strong>“DAF as Beneficiary” Method:</strong></h3>
<ul>
<li><strong><span style="font-size:14.0pt">How it works:</span></strong><span style="font-size:14.0pt"> Name a Donor-Advised Fund (DAF) as the sole beneficiary of the CRT. You can then make grants from the DAF to various charities over time, even after the CRT term ends.</span></li>
<li><strong><span style="font-size:14.0pt">Benefits:</span></strong><span style="font-size:14.0pt"> The added flexibility of a DAF means you can continue to evaluate charities even after the trust term ends and adjust your giving strategy as needed from a centralized platform. </span></li>
</ul>
<h3><strong>“Trustee Discretion” Option: </strong></h3>
<ul>
<li><strong><span style="font-size:14.0pt">How it works: </span></strong><span style="font-size:14.0pt">The CRT document can explicitly grant the <a href="https://www.elderlawanswers.com/what-is-a-trustee-15046" target="_self">trustee</a> discretion to change charitable beneficiaries under certain circumstances, such as when a charity’s work no longer aligns with the donor’s original intent or demonstrates ineffectiveness. It can alternately define a broader charitable purpose (e.g., environmental conservation) and give the trustee discretion to select specific organizations that align with that purpose. </span></li>
<li><strong><span style="font-size:14.0pt">Benefits: </span></strong><span style="font-size:14.0pt">The donor is giving up some control by empowering a trustee to choose charitable beneficiaries, but a CRT set up in this way has more flexibility to ensure the trust’s funds support relevant and impactful causes as circumstances change and charities come and go.<strong> </strong></span></li>
</ul>
<p><span style="font-size:14.0pt">These are just a few of the ways to give charities a trial run prior to including them permanently in your legacy. Because CRTs are so versatile, there are other ways to use them as well.</span></p>
<p><span style="font-size:14.0pt">By adding different provisions, for example, you can: </span></p>
<ul>
<li><span style="font-size:14.0pt">use a shorter fixed term (say, five to 10 years) to limit your commitment and fast-track insights; </span></li>
<li><span style="font-size:14.0pt">use a fixed payout versus a variable payout to evaluate growth potential; </span></li>
<li><span style="font-size:14.0pt">make your heirs income beneficiaries to educate them about giving; </span></li>
<li><span style="font-size:14.0pt">select diverse causes with equal or varied shares to uncover where your true passion lies; or </span></li>
<li><span style="font-size:14.0pt">use a CRT as an alternative to a <a href="https://www.elderlawanswers.com/irs-finalizes-10-year-rmd-rules-for-inherited-iras-20639" target="_self">“stretch” IRA</a> for inherited retirement accounts. </span></li>
</ul>
<h2><strong><span style="font-size:14.0pt">Other CRT Benefits and Considerations </span></strong></h2>
<p><span style="font-size:14.0pt">The benefits of the above strategies can be seen as a complement to the many other potential benefits of a CRT. These benefits include preserving the value of highly appreciated assets (e.g., business interests, appreciated securities, and appreciated real estate), asset diversification, and tax breaks. </span></p>
<p><strong><span style="font-size:14.0pt">Although highly versatile, the more customized a CRT, the more complex it can be to set up and run. Here are some additional points to keep in mind as you consider CRTs for your charitable giving: </span></strong></p>
<ul>
<li><strong><span style="font-size:14.0pt">Trust Structure.</span></strong><span style="font-size:14.0pt"> The type of CRT and its terms will affect your flexibility in “test-driving” charities.</span></li>
<li><strong><span style="font-size:14.0pt">IRS Rules.</span></strong><span style="font-size:14.0pt"> The IRS allows CRTs to distribute remainder funds to organizations that are recognized as charitable under section 501(c)(3) of the Internal Revenue Code. This includes public charities, private foundations, and DAFs. Income beneficiaries can receive annual payments between 5 percent and 50 percent. </span></li>
<li><strong><span style="font-size:14.0pt">Time Horizon.</span></strong><span style="font-size:14.0pt"> The length of the trust term will determine how long you have to observe the performance of different organizations.</span></li>
<li><strong><span style="font-size:14.0pt">Personal Involvement.</span></strong><span style="font-size:14.0pt"> Consider the level of involvement you want in the grantmaking process and choose a strategy that aligns with your preferences.</span></li>
<li><strong><span style="font-size:14.0pt">Limitations.</span></strong><span style="font-size:14.0pt"> Depending on the trust, you can usually file an amendment to change the charitable beneficiaries of a CRT, but not the noncharitable beneficiaries (the people receiving trust income). In addition, certain assets are not allowed in a CRT, including S-corporation stock and certain types of personal property. And because contributions to a CRT are irrevocable, once assets are in, you won’t be able to get them back. </span></li>
</ul>
<p><span style="font-size:14.0pt">A final word of advice: CRTs generally work better with more assets due to a mix of higher generated income, more opportunities for investment growth, more significant tax breaks, and trust administration costs. These costs can increase if you end up making changes to charitable beneficiaries. </span></p>
<p><span style="font-size:14.0pt">For more general information about CRTs, check out this list of <a href="https://actecfoundation.org/podcasts/charitable-remainder-trusts-faqs-crt/" target="_self">FAQs</a> from the American College of Trust and Estate Counsel. </span></p>
<p><span style="font-size:14.0pt">To determine the best CRT structure and strategy for your philanthropic goals get in touch with a local estate planning attorney. </span></p>
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understanding, oral or written, to which the Firm is a party or by which it is bound, nor
violate any law,
rule or regulation applicable to the Firm; and
8. The person executing this Agreement on behalf of the Firm is a partner or owner of the Firm,
duly
authorized to execute this Agreement on behalf of the Firm.
Subscribers of the Academy of Special Needs Planners (ASNP) who are not law firms further
warrant:
1. That each financial planner listed on the Web Page is a qualified as a CFP, CLU, ChFC or
Chartered Special
Needs Consultant; and
2. That every trust administrator listed on the Web Page has been recommended by an ASNP
subscriber who is
not also a member of that trust administrator’s company.
Covenants
The Firm undertakes covenants and agrees to take each of the following actions, and if the Firm
is not an
individual, to ensure that each attorney listed on the Web Page takes such action:
1. to comply with all laws, rules and regulations applicable to it, him or her in each state and
jurisdiction
in which he or she is licensed and qualified to practice law;
2. to use the Website and the Web Page in compliance with U.S. law and any other applicable laws,
rules and
regulations;
3. not to use the Website or the Web Page for any illegal purposes;
4. not to interfere with the Website, the Company's other subscribers and their web pages on the
Website, and
any other services the Company may provide, directly or indirectly, to the public or its
subscribers;
and
5. to keep the Information current and updated on at least a monthly basis during the term of
this Agreement,
and to correct any errors and omissions therein within twenty-four (24) hours of becoming aware
or being
notified of them.
Terms and Conditions
In addition to any other rights and remedies at law or in equity, the Company reserves the right
to
terminate this Agreement and remove the Web Page without prior notice (a) if payment of the
Listing Fee is
Past Due; (b) if the Firm breaches any term or condition of this Agreement, provided, the
Company shall use
commercially reasonable efforts to notify the Firm of such removal and termination and in the
case of a
breach under clause (b), the Firm shall have fifteen (15) days from the date of such notice to
cure the
breach; and (c) if the Company determines based on feedback from consumers that the Firm or any
of its
listed attorneys does not meet the standard of practice desired of subscribers of the Website.
"Past Due"
means the annual Listing Fee (paid once a year or in 12 equal installments, once a month) is not
received by
the Company on or before the 30th day from which the payment is due. If a breach is cured to the
satisfaction of the Company, in its sole discretion, the Company shall re list the Web Page and
restore any
suspended service in accordance with the terms of this Agreement. In case of a permanent removal
of the Web
Page and cancellation of this Agreement, the Company shall reimburse the Firm for any Listing
Fees
theretofore paid for the remainder of the current Term on a prorated basis. Other than as stated
in the
immediately preceding sentence, the Company does not give any refunds.
Provision of Services
The Company intends, but does not guarantee, that the Web Page will be operational 24 hours per
day, 7 days
per week, 365 days per year. The Website and Web Page may not be hosted on the Company's own
servers, and
the Company depends on a hosting service provider to keep the Website and Web Page operational.
Notwithstanding anything to the contrary in this Agreement, the Company's obligation to keep the
Website and
Web Page operational is subject to the delivery and limited by the scope of hosting services
provided to the
Company by its hosting service. Interruptions in service demonstrably due to a failure of the
Company's or
its hosting service provider's web servers ("Interruptions") that last twenty-four (24)
continuous hours or
less will not be compensated. Interruptions that last more than twenty-four (24) continuous
hours will
result in an extension of the Term of this Agreement equal to the duration of the Interruption
(the
"Extension of Service") not to exceed 30 (thirty) days. AN EXTENSION OF SERVICE IS THE FIRM'S
SOLE REMEDY
FOR AN INTERRUPTION IN SERVICE, AT LAW AND IN EQUITY.
User Information
Any and all information provided by or collected from visitors of the Website and the Web Page
(the "User
Information") shall be owned solely by the Company, except that the User Information which is
part of the
text of an e-mail communication initiated on the Website or the Web Page, shall be treated as
confidential
and as protected by the attorney-client privilege between the user who initiated the e-mail and
the Firm or
attorney to whom it is addressed (the "Confidential Information"). User Information that would
otherwise be
deemed to be Confidential Information shall not qualify as Confidential Information if it is
also provided
to or collected by the Company in a manner other than as indicated above. The Company will
neither collect,
track nor store Confidential Information.
No Warranties
THE COMPANY DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL
WARRANTIES
OF ANY KIND AS TO ANY ASPECT OF THE WEBSITE, THE WEB PAGE, THE INFORMATION THEREIN AND ANY
SERVICES PROVIDED
UNDER THIS AGREEMENT, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE AND
NON-INFRINGEMENT. THE COMPANY DOES NOT WARRANT THAT THE WEBSITE AND THE WEB PAGE WILL BE ONLINE
UNINTERRUPTED, ERROR FREE OR COMPLETELY SECURE, AND WILL NOT BE LIABLE FOR THE CONSEQUENCES OF
ANY
INTERRUPTIONS, ERRORS OR BREACHES IN SECURITY. IN ADDITION, THE COMPANY SPECIFICALLY DISCLAIMS
ANY
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO ANY SERVICES OR PRODUCTS OFFERED OR SOLD THROUGH
THE WEBSITE.
Limitation Of Liability
IN NO EVENT WILL THE COMPANY BE LIABLE TO THE FIRM FOR LOSS OF PROFITS, LOSS OF REVENUES, LOSS
OF SAVINGS,
LOSS OF USE, LOSS OR CORRUPTION OF CONTENT, DATA OR INFORMATION OR ANY INDIRECT, INCIDENTAL,
SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, WHETHER UNDER TORT, CONTRACT OR OTHER THEORIES OF
RECOVERY. IN
NO EVENT WILL THE COMPANY'S TOTAL LIABILITY ARISING OUT OF, CONNECTED WITH OR RESULTING FROM
THIS AGREEMENT
EXCEED THE AMOUNT PAID BY THE FIRM TO THE COMPANY UNDER THIS AGREEMENT FOR THE TWELVE (12) MONTH
PERIOD
IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM OF LIABILITY.
Indemnification
Each party will indemnify, defend and hold the other party harmless from and against any and all
costs,
liabilities, losses, damages and expenses, including reasonable attorney's fees, and amounts
paid in
settlement, resulting from or arising out of any claim, suit, action or proceeding brought
against the other
party as a consequence of the indemnifying party's infringement of any intellectual property
right of a
third party, including without limitation, any third party patent, copyright, trademark or trade
secret.
This indemnification is subject to the parties' limitation of liability under this Agreement.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of
New Jersey and
shall be deemed to have been executed in Jersey City, New Jersey. Any legal action arising from
or related
to this Agreement shall be brought in any state or federal court located in the State of New
Jersey, County
of Hudson, and the parties hereby consent to the jurisdiction of such courts.
Entire Agreement
This Agreement is the entire Agreement between the parties with respect to the subject matter
hereof.
Arbitration
Any disputes that arise between the parties with respect to the performance of this Agreement
shall be
submitted to binding arbitration in the State of New Jersey, County of Hudson by the American
Arbitration
Association, to be determined and resolved by said Association under its rules and procedures in
effect at
the time of submission and the judgment upon the award be entered in any court having
jurisdiction thereof.
The parties hereby agree to share equally in the costs of said arbitration except that in the
discretion of
the arbitrator, any award may include the cost of the party's counsel if the arbitrator
expressly determines
that the party against whom the award is entered has caused the dispute, controversy or claim to
be
submitted to arbitration as a frivolous or dilatory action.
Severability
Should any term, warrant, covenant, condition, or provision of this Agreement be held to be
invalid or
unenforceable, the balance of this Agreement shall remain in full force and shall stand as if
the
unenforceable part did not exist.
Validity
This Agreement is valid and enforceable against the Firm. Payment by the Firm to the Company, by
check or
electronic transaction, constitutes the Firm's execution and delivery of this Agreement.
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