John H. Perten
Phone: 617.897.5641
Fax: 617.439.9363
jperten@sheehan.com
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Are indemnity clauses inconsequential boilerplate?
Friday, November 30, 2007
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| Nearly every contract contains an indemnity clause. An indemnity clause typically sets forth the circumstances under which you may be obligated to reimburse the other side for losses which are somehow attributable to your acts or omissions. These clauses are so common that many don't even read them, assuming that they are of little consequence. Nothing could be further from the truth. The scope of an indemnity clause could affect your very survival as a viable entity. Each indemnity clause should be tailored to your specific situation. Even if it is non-negotiable, you should examine that clause carefully so that you know the extent of your potential liability and whether that risk is one you want to assume.
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