Episode 21: Limits of Liability

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English - March 20, 2023 14:27 - 33 minutes - 76.1 MB - ★★★★★ - 4 ratings
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Previous Episode: Episode 20: Managing Design Contingencies

Next Episode: Episode 22: Cyber risk alert: Fraudulent funds transfer

Dan Buelow talks to Colleen Palmer, Risk Manager for Beazley DP, on the topic of negotiating limitation of liability (LOL) clauses in design professional agreements. Some firms have had considerable success in getting LOL clauses in their agreements. Dan and Colleen discuss the benefits of this clause and the arguments and rationale as to why LOL clauses are both important and reasonable to have in every professional agreement. We review some sample wording and tips on negotiating this important clause – and compare and contrast the benefits of an LOL compared to that of a design contingency and waiver of consequential damage provisions.