DOCUMENT

ART - Indemnification, Limitation of Liability 2012

  • YEAR CREATED: 2012
  • ENTITY TYPE: Scholarly Publication
  • TYPE OF DOCUMENT: ART - Article, Paper, Review, Survey, Report
The document discusses the importance of carefully drafting liability allocation terms in contracts and the potential unintended consequences of poorly written provisions. It emphasizes the need for legal advice when agreeing to indemnify the other party and warns against limitation of liability clauses tied to the amount paid under a contract, especially early in performance. The document also mentions that governments seek protection against financial losses caused by contractors and highlights the negative impact of companies perceiving unlimited liability on competition and procurement cost. It suggests setting clear rules regarding approvals of liability allocation clauses as a way to exercise reasonable control. The author, Richard Pennington, is a retired attorney with expertise in procurement and contract law.
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