In your first question, what the contract means is that you can not sell or hand your report over to another party outside of the transaction you are involved in.
Your second question is a standard statement that most or all inspectors have in their contracts. It is there to help the client understand that a home inspection is limited in nature and not an exhaustive inspection of each and every aspect of the home, nor is it a home guarantee or warranty.
If the inspector misses something that falls under the Standards of Practice of the American Association of Home Inspectors, then he or she is responsible for that error. You should familiarize yourself with these standards prior to having the inspection so you will know what is expected of the inspector.
It helps if the inspector is a contractor, and you should be able to recieve a written report plus 2 copies at the completion of inspection. The inspection should be a thorough examination of all readily visible and accessible building components.