Episode 21: Negotiating Limitation of Liability
Talk to me about A&E · Dan Buelow, Managing Director, Architects & Engineers practice, WTW
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Show Notes
Dan Buelow talks to Colleen Palmer, Risk Manager for Beazley DP, on the topic of negotiating limitation of liability (LOL) clauses in design professional agreements. Some firms have had considerable success in getting LOL clauses in their agreements. Dan and Colleen discuss the benefits of this clause and the arguments and rationale as to why LOL clauses are both important and reasonable to have in every professional agreement. We review some sample wording and tips on negotiating this important clause – and compare and contrast the benefits of an LOL compared to that of a design contingency and waiver of consequential damage provisions.