Contractual Risk Management

Effective contractual risk management is integral to efficient business management in today’s climate.

When dealing with contracts, it is essential to know and understand what your contractual liabilities and obligations are, what exposures are created under a contract, what to do when a contract dispute arises and whether or not an insurance policy responds to events arising from the performance of the contract.

Professionals are often confronted with contracts for the provision of professional services which seem daunting and difficult to understand when it comes to insurance and indemnities.

Suppliers of other goods and services also contract similar problems.

Insurance brokers can only advise upon how insurance policies respond to contracts, areas of uninsured risk and whether insurance policies comply with contractual obligations, so long as the services sought are not legal services.

Some businesses recognise the need to conduct contractual reviews at the tender stage of projects in order to incorporate fair and uncomplicated provisions at the start of the process, before the contract negotiation commences.

Through our legal services company Indemnitylegal, we deliver risk management services combined with legal advice. We can help clients to better understand and manage their contractual liabilities and assist them to negotiate terms that can help mitigate risk and minimise exposure.

Through the provision of both broad and discrete contract advisory services, we help clients to better align contracts to the insurance products which may be involved in the event of damage or loss by:

• contract drafting and review, particularly in relation to insurance and indemnity clauses
  
  
• negotiation of contract terms to help mitigate risk
  
  
• review of insurance policies to determine if they are in line with contract obligations
  
  
• advice in relation to the transfer of risk
  
  
• its potential impact upon your business and strategies to manage significant risks
  
  
• discrete contract issues relating to insurance and indemnity provisions including contracts, or such provisions which ought to be considered for incorporation
  
  
• providing specialist insurance advice to professionals consulting to the construction industry relating to insurance and indemnities

Indemnitylegal, with its expert industry knowledge, experience and technical excellence, can deliver to corporate clients high quality legal services, which complements and supports the work of in-house legal counsel.