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Contractual risk management (RM) is usually not the first thing on contractor’s minds. They usually associate RM with on-the-job safety and liability. So reports The Legal Intelligencer.

RM planning begins when the contract is on your desk and is the best way to avoid costly and potentially catastrophic losses. The contract establishes who is responsible for what and to what extent—especially important to have addressed before an unthinkable event becomes your reality.

Yet, many companies avoid seeking legal counsel when finalizing contracts. While you can’t cover all the unexpected events, there are things you can address at the contract phase to limit your potential for risk contractually: Insurance Indemnity Provisions, Damages, and Dispute Resolution.

Read the full article from The Legal Intelligencer.

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