What is exclusion clause?

Exclusion clause or exemption clause is a term in a contract which seeks to exempt one of the contract which parties from liability, or which seeks to limit his liability to a specific sum if certain events occur, such as a breach of warrant, negligence or theft of goods. 

Note: Limitation on use of Exemption Clauses are that; 

a) Parties should have complete freedom on whatever terms they wish; 

b). Need to protect public from unfair Exemption Clauses in standard form to contract used by large business Enterprises.