What to Consider When Entering Into a Client Agreement
When you enter into a client agreement with your clients, there are certain things that you should consider. These include: the limits on liability, the reporting requirements, and alternative dispute resolution options. You should also remember to keep track of your clients’ compliance with the terms of the agreement.
Limitation of liability
A limitation of liability in client agreement is a provision in a contract that limits the amount of compensation or damages that a person or company can be liable for. They are generally imposed in the event of a breach of contract.
Limitation of liability clauses can limit liability for property damage, financial loss, and more. However, they may not be enforceable in certain situations. For example, courts can refuse to enforce a limit of liability in case a clause violates public policy.
If you are considering a limitation of liability in client agreement, you should first consider the impact it might have on your business. Before drafting a clause, make sure it is clear and unambiguous. In addition, it should be reasonable.
If a limitation of liability is reasonable, it will likely be enforceable. It’s important to keep in mind that these provisions are regulated by the Uniform Commercial Code, or UCTA. The UCTA is a set of rules that governs common law duty of care, tort liability, and restriction of liability.
Alternative dispute resolution methods
Using alternative dispute resolution methods can save you money and time. Often, ADR processes can produce a better result than court proceedings. However, they can also go wrong if the parties don’t put in the work.
The best ADR procedures usually involve a neutral third party. These parties are there to help parties resolve their disputes without escalation of costs and hostility.
One of the more common ADR procedures is mediation. Mediation is often touted as a more effective and cost-efficient solution for disputes. It involves both parties meeting with a neutral third party to address differences. Rather than focus on right and wrong, mediation considers each party’s underlying interests.
Other ADR processes include arbitration. Arbitration is a court-like proceeding but is conducted privately sponsored administrators rather than by a judge. This allows for more flexibility when it comes to scheduling and costs. If you opt for arbitration, you may not even need to seek an extension.
Signing the agreement
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