48.  (1) Subject to subsections (2) and (3), a contract between a legal practitioner and a client of the legal practitioner that any description of civil liability incurred—

(a) by the legal practitioner arising from his or her practice as a legal practitioner in respect of the provision of legal services to the client be limited to an amount specified or referred to in the contract, or

(b) by a partner, employee, former partner or former employee of the legal practitioner arising from that legal practitioner’s practice as a legal practitioner in respect of the provision of legal services to the client be limited to an amount specified or referred to in the contract,

shall be binding on and enforceable by—

(i) if paragraph (a) is applicable, the legal practitioner and the client, and

(ii) if paragraph (b) is applicable, the partner, employee, former partner or former employee of the legal practitioner and the client.

(2) Nothing in subsection (1) shall affect the operation of—

(a) section 40 of the Sale of Goods and Supply of Services Act 1980, or

(b) Regulation 6 of the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 (S.I. No. 27 of 1995).

(3) The amount referred to in subsection (1) in respect of a description of civil liability the subject of the contract concerned shall be not less than the minimum level of cover, as specified from time to time in regulations made under section 47 or section 26 of the Act of 1994, as the case may be, for indemnity against losses arising from those classes of claims which come within that description of civil liability and which relate to the legal practitioner concerned and the class of legal service concerned, and accordingly any such amount which is less than such minimum level of cover shall, by virtue of this subsection, be deemed to be increased to such minimum level of cover, and such contract shall be binding and enforceable accordingly.