Risk Shifting
A monetary ceiling on your overall contractual risk.
What is a limit of liability?
The guidelines which govern the contract reviews performed by the legal department.
What are the FORCE Guidelines?
Filing this against the Owner’s property will give you a secured claim to payment.
What is a mechanic's lien?
Contractual duty to make a party whole after they have suffered a loss.
What is indemnity?
When interviewing someone for a potential job, I should ask if they have this type of agreement with a previous employer.
What is a non-compete or non-solicit agreement?
The contract clause that dictates when we get additional time and compensation for delays or scope changes.
What is a change order clause?
Removing phrases such as “not less than” or “at least” from the insurance section will create this.
What are fixed insurance limits?
This new technology should only be used by legal professionals when reviewing contracts.
What is ContractPodAI or any other AI legal tool?
The contract clause that determines when and under what conditions we are paid.
What are payment terms?
The ideal type of indemnity.
What is fault-based indemnity?
This document is sometimes overlooked and assumed not to be a contract subject to legal review.
This clause determines the amount of time we guarantee our work can be relied upon.
What is a warranty clause?
Damages that arise indirectly from an incident. An example of these would be lost profits indirectly caused after an explosion took refinery production offline.
What are consequential damages?
This document is a tool you can offer the customer if there is no time to review/negotiate lengthy terms?
What is our standard contract template?
You must have a disclaimer of responsibility for this type of substance otherwise we need a waiver.
What is a disclaimer of responsibility for pre-existing hazardous materials?