Members enter into a variety of contractual agreements or other arrangements ranging from service provider agreements to construction contracts to agreements with outside organizations or entities for use of member property for festivals and the like. All of which may expose the Member to liability. Understanding the potential risks and effectively transferring those risks should be an important part of each Member's risk management procedures.
Contractual risk transfer is a legally binding way to transfer risk to the party that may be in the best position to control that risk. Learn about the use of contractual obligations such as indemnity, waivers of liability or recovery rights and insurance requirements to pass along to others what would otherwise be one's own risks of loss.