Risk Management Contract Basics. Beth Carmichael Risk Manager, Five Colleges Inc. Connecticut Conference of Independent Colleges. Wednesday, June 14, 2006. Why are Contracts so Important?. Contracts put in writing the agreement between the parties – subject, time frame, etc.
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Risk ManagementContract Basics
Five Colleges Inc
of Independent Colleges
Wednesday, June 14, 2006
= Loss Control – we are better able to manage a loss or dispute after it occurs
Acceptance and Limitations
Choice of Law
Compliance with Laws
Conduct of Personnel
Conflict of Interest
Entire Agreement (changes)
Names and Trademarks
Scope / Recitals
Relationship of the Parties
To the fullest extent permitted by Law, the (named party) will defend, indemnify and hold harmless [legal name of College], including its current and former trustees, officers, directors, employees, volunteers, agents, assigns and students from and against claims, damages, losses and expenses, including but not limited to attorney's fees, arising out of, or from the performance of its operations or services, or any act, omission, claim or loss of any of its employees, agents, volunteers, participants, guests or any other party they are responsible for, regardless of whether or not such claim, damage, loss or expense is caused in part by a party indemnified hereunder. Such obligation shall not be construed to negate, abridge or reduce other rights or obligations of indemnity that would otherwise exist in the absence of this agreement.
Purpose: To prevent an insurer from exercising its right of subrogation against someone whom the insured may have released from liability (WC/Property)
Example: The Landlord (Lessor) may give the tenant (lessee) a waiver only to the extent that the lessor’s property policy provides coverage.
This presentation and accompanying materials are intended for risk management purposes and not as legal advise. Please consult with your attorney on contracting matters for your institution.
And special thanks to:
Vincent O’Rourke, Jr. Partner and Practice Area Leader, Higher Education Practice, Bowditch and Dewey Attorneys
Leta Finch, Executive Director, Higher Education Practice
Arthur J. Gallagher Risk Management Services, Inc.
Greg Hunter, Area Executive Vice President
and New England Practice Leader, Higher
Education, Arthur J. Gallagher Risk
Management Services, Inc. New England
For use of materials and clauses