You’ve just wrapped up a deal. You sit there staring at a stack of papers—your contract. You wonder, “Did I really need all this? Was this worth the time, money, and hassle?” If you’ve ever asked yourself that question, you’re not alone. Plenty of people see contracts as expensive, unnecessary paperwork. But let’s talk about what you’re actually paying for and why it matters.
Limitation of liability clauses are a great way for parties to a contract to limit, manage or allocate risk between them.
Indemnities are often treated like a ‘standard’ or ‘boilerplate’ contract clause, when they are anything but. If they are ignored or overlooked, you could be in trouble when something goes wrong. However, when used properly, indemnity clauses can help you to manage your risk when entering into an agreement.