Risk Management staff are available to review insurance and indemnification clauses in contracts, as well as hold harmless agreements. Depending on the scope of activities or size of potential loss being considered, contracts will vary in detail and insurance requirements.
The following types of contract clauses often require review and / or modification before the contract can be approved by Risk Management
- Insurance: Insurance clauses may include types of coverage, per occurrence limits of liability, additional insured's, and requests for Certificates of Insurance.
- Indemnification or Hold Harmless: An indemnification or hold harmless clause identifies which party will compensate the other party in the event of a loss. Terms may vary depending on negligence etc.
- Waivers of Subrogation or Limits on Recovery: An agreement between two parties in which one party agrees to waive subrogation rights against another in the event of a loss. The intent of the waiver is to prevent one party's insurer from pursuing subrogation against the other party.
- Review the Office of General Counsel’s “Contract Review Process” for guidance outlining which contracts require OGC review and what information OGC needs to review request
- Review Procurement and Payment Service's "Contract Process" for their policies and procedures for contracting with vendors, including purchasing, payment, and vendor relations.