495. Liability limitation agreements

(1) A "liability limitation agreement" is an agreement that purports to limit the amount of a liability owed to an LLP by its auditor in respect of any negligence, default, breach of duty or breach of trust, occurring in the course of the audit of accounts, of which the auditor may be guilty in relation to the LLP.
(2) Section 493 (voidness of provisions protecting auditors from liability) does not affect the validity of a liability limitation agreement that —
(a) complies with section 496 (terms of liability limitation agreement) and of any rules made by the Board under that section, and
(b) is authorised by the members of the LLP (see section 497 (authorisation of agreement by members of an LLP)).
(3) Such an agreement is effective to the extent provided by section 498 (effect of liability limitation agreement).