Contract Risk Management

4 important questions on Contract Risk Management

Why are standard forms of contract used?

They provide balanced risk allocation and clear contractual structure.

What is risk allocation in contracts?

Assigning responsibility for potential risks to the party best able to manage them.

What is a dispute resolution clause?

Defines how disputes will be resolved.
Typical methods:
  • Adjudication
  • Arbitration
  • Litigation
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What is quantum meruit?

Payment for work performed when no formal contract exists.

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