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Almost all businesses enter into numerous contractual agreements each year. These agreements are often given the same cursory review as an iTunes Agreement. Failure to closely scrutinize the details of these agreements can adversely impact the business’s total cost of risk in the event of a problem. The provision within the contract that impacts the business’ cost of risk more so than any other, especially in construction, is the Indemnification Agreement.
Contractual risk transfer is a critical component of effective risk management, but whether one is transferring the risk or assuming it, the exposure needs to be understood as not all indemnification clauses are covered under your insurance contract.
A few weeks back, my daughter treated me to tickets for an Anderson East concert at the Majestic Theatre in Madison (By the way, he puts on a great show.) During the second set, he covered one of my favorite old tunes by Sam & Dave, “Hold On, I’m Coming.” He then immediately transitioned into his hit “All On My Mind.” OK, you’re thinking, "What in the world does this have to do with construction contract management?" Well, it has to do with the transition of time and the evolution of risk transfer.