You Can Reduce Contract Risk
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About this ebook
Many business decisions a bind one party to another through contracts. These contracts have many names - they are called purchase orders, easement agreements, facility rentals, etc. By using appropriate tools and resources, you can simply manage and assign risk to the appropriate party through the contract. This handy guide contains tips making risk management strategies easy to use in a wide variety of contracts. This resource is useful for purchasing professionals, risk managers, project managers and insurance professionals, providing insights into American and Canadian systems. It will help you avoid common drawbacks in contracts.
Topics Include:
~ Written vs. verbal contracts
~ Authority to bind the corporation
~ Risk Transfers language
~ Hold Harmless and indemnity clauses
~ Types and amounts of insurance
~ additional insured Status
~ Certificates of insurance
~ What to look for on bonds
~ How to make bond claims
R. Joy Jackson
Joy is a risk management speaker, consultant, author and educator who shows a deep understanding how you can use risk management to overcome obstacles in your business. A professional risk manager with over 25 years experience, Joy believes everyone can benefit from using risk management as one aspect of business skills. A believer in continuing education she encourages greater understanding of business risk and the many ways you can learn to control it. Joy can help you utilize risk management tools to take advantage of opportunities, attract and retain employees and reduce the cost of business.A Fellow, Chartered Insurance Professional with the Insurance Institute of Canada and a Fellow, Risk Manager in the Global Risk Management Institute. Joy offers teaching and training in classrooms, association boardrooms, and as a conference speaker. She’s helped many organizations to improve their approaches to operational management and insurance purchasing. By inspiring you to think differently, work smarter, you can reach your goals faster and with less cost. Read all risk management articles at cunnart.com for free
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Book preview
You Can Reduce Contract Risk - R. Joy Jackson
Risk Management Series Includes:
Removing the Risk from Child Welfare Services
Volunteers: Asset or Liability?
Special Events are Special Risks
151 Ways to Identify Risk
ISBN: 9781310145094
Title: YOU Can Reduce Contract Risk
Author: Joy Jackson
Publisher: Smashwords, Inc.
Copyright © 2016
All rights reserved.
www.cunnart.com
License Notes:
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TABLE OF CONTENTS
Introduction to Contract Risk
Written vs. Verbal Contracts
Negotiating
Contract-related Assets
Keep Contract Language Clear
Authority to Bind the Corporation
Risk Management Concepts
Contractual Risk Transfer
Insurance (AKA Financial Responsibility) Clause
Additional Insured Status
Additional Insured VS Additional Named Insured:
Certificates of Insurance:
Surety Bonds
Summary
Introduction to Contract Risk
Contracts formally document the relationship between two (or more) parties. Well-written contracts also outline clearly the rights, responsibilities, duties and roles of each party to the contract. Even when clearly written it is possible for misunderstandings and disagreements to occur. At that point many people refer to contract law to assess the validity of the agreement.
You can be certain of one thing - contract law is complicated. It involves numerous federal and provincial/state laws that apply different standards depending upon the subject