3Avoidance of certain provisions excluding liability for misrepresentation.

If any agreement (whether made before or after the commencement of this Act) contains a provision which would exclude or restrict—

(a)

any liability to which a party to a contract may be subject by reason of any misrepresentation made by him before the contract was made; or

(b)

any remedy available to another party to the contract by reason of such a misrepresentation;

that provision shall be of no effect except to the extent (if any) that, in any proceedings arising out of the contract, the court or arbitrator may allow reliance on it as being fair and reasonable in the circumstances of the case.