Understanding Contractually Assumed Obligations

Professional services agreements are an important risk management tool. They outline the responsibilities of both parties to the agreement and will include, at a minimum, what services the design professional will provide and what compensation, and when, the other party will pay in exchange. So for all projects large or small, and for all types... Continue Reading →

If You Have a Claim…

For professional firms, the goal is always to avoid having a claim, and many firms are fortunate and are able to provide professional services for years without a claim. But there is risk in everything we do, and for businesses the possibility of facing a claim at some point is a reality. If you should... Continue Reading →

Limitation of Liability Clauses: Good or Bad?

Well, it depends. Limitation of Liability (LOL) clauses, in the correct situation, can be a useful tool in managing and limiting a firm’s risk. However, in some situations LOLs can increase a firm’s exposure to risk. With insurance rates increasing, especially for some professional disciplines, LOLs are viewed as a way to minimize the damages... Continue Reading →

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