As the sales team pushes for deals to be done, your job is to address risk. How can you use limitation of liability clauses to cap exposure?
In this episode of the Contract Teardown, commercial lawyer Lynden Renwick shares three examples of limitation of liability clauses. He details the good, bad, and ugly versions of a liability limiting clause, then gives his multi-step model for managing risk both within and outside the contract.
Renwick shines a light on important limitations of liability features, such as:
- Carveouts,
- Defined damages,
- Caps on liability, and
- Clear and accurate section headings.
THE GUEST: Lynden has been every kind of commercial lawyer there is: an Am Law 100 corporate attorney, General Counsel to a U.S. Defense Contractor, and commercial litigator. Now the Managing Partner of a nationwide commercial practice, he uses his experience to provide Overflow Support to In-House teams at Fortune 500 companies. Originally from Australia, Lynden now lives on the United States’ east-coast with his wife and two young sons. He is also a published novelist and Guinness World Record holder.
THE HOST: Mike Whelan is the author of Lawyer Forward: Finding Your Place in the Future of Law and host of the Lawyer Forward community. Learn more about his work for attorneys at www.lawyerforward.com.
If you are interested in being a guest on Contract Teardown, please email us at community@lawinsider.com.
Episode Links
The Contracts:
MASTER SERVICES AGREEMENT
MASTER SERVICES AGREEMENT
SOFTWARE LICENSE AGREEMENT
