Insurance Considerations For Drafting Vendor Contracts
By Jay Rossiter and Catherine Del Prete (September 12, 2017, 2:14 PM EDT) -- If your company uses vendors, you're likely already familiar with vendor contracts. General provisions in the contracts, such as timing and delivery requirements, are well known, but did you know that inadequate insurance requirements in vendor contracts could put your company at risk? Indemnification provisions serve as important and necessary protection, but the insurance provisions can mean the difference between actual and no defense against future liability or claims. Common vendor contracts only require a vendor to maintain general liability insurance during the course of performance under the agreement. This language presents a multitude of issues that often arise when a claim occurs and you seek coverage from your vendor. Taking proactive steps to ensure that your vendor contract contain adequate insurance provisions is vital to ensure that your company is properly protected if and when a claim occurs....
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