What I wanted to flag was that if you transition from a FTE in your country's legal framework to a contractor in order to work remotely one might not be familiar with the term.

The way I interpreted it is as follows:

"If you mess up and our users or other parties begin a lawsuit against us then you're fully liable for all our costs and there is no limit on how much we may sue you/charge you for".

Which is more technically exact but coming from a FTE background effectively the same. Since bugs are unavoidable in software it's a terrifying clause to have in a contract.

Edit: I luckily wasn't caught by this but realised after a bug related to payment processing I had the clause in my contract and was able to get it removed. I was just horrified that my brain filled in "yeah from context that kind of sounds like a liability waiver" when it meant the opposite.