Beyond pricing issues, there are a variety of miscellaneous contract-related issues that can trip you up. Topics of intellectual property ownership, unfair insurance and liability provisions, and lopsided liability clauses can put you at great risk. Don't just skip over these provisions because they seem like legal jargon. If you do, you run the risk of experiencing real-world implications from these clauses.
- Some contract provisions can seem innocent,…but they pack a big punch if you don't know what they mean.…Topics of intellectual property ownership…and unfair insurance and liability provisions…can cause big problems for you…if they're not negotiated well.…Here are some common traps to watch out for.…Intellectual property ownership can be risky.…If you're not careful,…the client could end up owning all of your IP…without having to compensate you for it.…Make sure this section clearly spells out what you keep…and what your client's rights are to it.…
Liability and indemnity clauses…tend to be written very one sided in favor of the client.…Out of fairness, request that everything be bilateral…where each party protects and holds the other harmless…for negligent acts or misconduct.…Clients may ask for excessive amounts of insurance.…Either use it as a negotiating point…where you get something in return…for providing high levels of insurance coverage…since they cost a lot…or explain why those limits are excessive…and request a specific lower amount.…
- Major and minor contracts
- Registering as a supplier
- Setting pricing, payment, and other contract terms
- Insurance requirements
- Defining your project
- Negotiating the contract
Skill Level Intermediate
1. Start the Contracting Process
Register as a supplier2m 31s
2. Understand Contract Elements
3. Define Your Project
4. Negotiate the Contract
Next steps1m 18s
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