Tell us how can we reduce our risk through better contract language?

Submitted by: Muhammad
Poorly written contracts either don't address or don't clearly address what happens in situations that can be described as the fruition of risk. Well-written contracts reduce risk by specifying exactly what will happen in the event that certain disruptive events occur. For example, a well-written delivery article with a liquidated damages clause can provide a supplier with sufficient incentive to completely avoid the possibility of a late delivery. A well-written indemnity clause can provide legal protection in a case where damage, injury or death occurs and the cause is related to a supplier's performance. And a Force Majeure clause can help your organization avoid being penalized when its failure to perform was due to an “act of God” or other factors outside of its reasonable control.
Submitted by: Muhammad

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