Relation between risk and law
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1) How will you ensure clarity when allocating risk in a procurement contract?
2) What are the risks associated with procurement contracts that the legal treatment cannot mitigate?
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Relation between risk and law is discussed in a structured manner in this response. The related references are also provided.
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1) When allocating risk in a procurement contract, clarity can be ensured in a procurement contract by incorporating an exclusion clause into the contract as a term. The legal requirement is that the clause must pass the test of construction. To clarify the allocating risk in some cases the exclusion clause must be a true exclusion clause identifying a breach of contract, a time limitation clause that the action must start within a certain period, and the exclusion clause can be a limitation or it places a limit on the amount that can be claimed on the breach of contract (1). The procurement contract must also include a Force Majeure clause that may provide for waiver of penalty/damages for non-performance. The Force Majeure clause in the contract will remove liability for unavoidable and unforeseeable catastrophes that stop the expected course of events. This clause will ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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