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This is the home page for the Risk Management Group.
COVID-19 is prompting numerous changes in society, the economy, and commercial relationships. Many are changes that would have occurred anyway, but the pandemic is generating a new sense of urgency. Examples range from the massive debates over racism and equality, to a rethink of economic management, the discussions over working from home and the need for increased collaboration in trading relationships.
Can someone please let me know what terms & conditions should be included in the contract with the Customer for Shared Services Model which will protect both Customer and Supplier? This is bit urgent please.
Businesses are naturally worried about the resilience of their supply chains. COVID-19 was full of surprises, not only regarding the frailty of many suppliers, but also discovering just how extended their supply chains have become and how little transparency exists.
Hi All, needed your expertise on auditing insurance for the company I am working in. Please share your experience on below :-1)Is there any Audit checklist for checking adequacy and coverage of insurance taken by IT company (not an insurance company) 2) Generally what is the ideal premium amount paid by insurance companies to cover its asset and liability for a company like Infosys/ HCL/TCS 3)Which kind of insurance helps IT company to cover its maximum vulnerabilities with least premium.
What are the major risks involved in signing an asset/ technology takeover clause by IT service provider. How can this be mitigated in the contractual clauses?
Information Technology Outsourcing (ITO) has become the predominant mode of acquiring information ystemsservices, providing clear evidence that the economics of service delivery favor external service providers over in-house information systems departments. An interesting feature of many large ITO arrangements is that assets necessary for service delivery are transferred to the vendor. The argument in favor of such asset transfers, based in Property Rights Theory, is that they are necessary to incentivize vendors to continue to invest in the transaction-specific assets to improve service. On the other hand, Transaction Cost Economics predicts that transferring such assets increases bilateral dependence and will elevate the risk of post-contractualopportunistic behavior. The contracting challenge is to specify the termsof exchange to achieve the client's objectives for outsourcing while managing the transaction risks.
Our connection to the internet has had a huge impact on how we operate as a global society. It's drawn the world closer together, and made it easier than ever to research, absorb and relay information at the click of a button.
Many organizations struggle with limited or outdated contracting solutions while trying to keep up with an ever-changing business environment. TIBCO Software, a global provider of data solutions, needed a change that could evolve with their growing and demanding business. They understood that contract data sits at the heart of the enterprise and a CLM tool needs to be a central platform that integrates well with other solutions throughout the company. Their goal was to bring contract data to life, to be able to analyze risk, identify favorable terms, and expedite contracting cycles. Even with employees working from home and spread across the globe, TIBCO was able to effectively and remotely deploy a new solution in record time.
Hi All- Looking for some help in drafting liability clause from Service Provider's side. We are in process of renewing a contract, wherein we have an unlimited Liability for data/confidentiality breach. Customer is not open on capping the liability. Can anyone share what all safeguards should be included while drafting unlimited liability for from Service Provider's/ Vendor prospective. Thanks!!!
If anyone has encountered the same discussion - any ideas how to qualify and cover corona-virus and such nature of potential disruptions in the contract? What approximate statement and references are recommended?
It is clear that Novel Coronavirus (2019-nCoV) will be affecting the world economy negatively. What is your opinion about these impacts of nCoV on the business performance also taking into account force majeure clauses in a standard type of contract? Can it be considered as a force majeure?
We are creating a risk template and user guide. We envisage this taking the form of a flow chart guiding owners through, risk identification, which parties need to be notified, which business areas a risk effects and what the escalation process involves. Does your business have a template or example of a risk user guide we could look at?
I was recently having coffee with four other individuals involved in contracting for IT Professional Services. During the course of conversation one of the participants suggested that rather than having unlimited direct liability for certain aspects (breach of confidentiality, indemnification of third-party claims, gross negligence and willful misconduct) that EVERYTHING be limited to the extent permitted by law -- but then increase the limitation to a number that would cover the majority of potential issues ($5,000,000 USD was a suggestion). When questioned, the participant stated that when it comes to contracting parties where one has "deep pockets" and the other does not, having the unlimited liability may sound nice on paper, but in reality it is a one-way protection that benefits the party that does not have deep pockets. Effectively, if the party that does not have deep pocket had a very large claim against them, they could declare bankruptcy and later reorganize as a different business concern - while the deep pocket party with the same claim would be obligated to pay. Their perspective was in essence: No consequential damages; limit all direct damages to a pre-defined/agreed amount ($5,000,000 or amount that will cover 90%-95% of historic claims in the industry); and include indemnification from third-party claims in the cap. Thoughts?
Hello IACCM Forum, Does anyone have any information regarding the risks of poorly translated contracts? If so, please provide as much information as you can. Thank you. Kind regards, Isis
Some (small and cash strapped) oil and gas operators are resorting to vendor financing agreements with major hardware suppliers / service providers as a way of raising the funding for their development projects. Is it really possible for the small operator, who may have limited alternatives for raising capital for his project, to negotiate a fair deal out of such arrangements. Does anyone have any experience of a vendor financing arrangement between a small operator and a major vendor which worked out well for the operator in the long run.
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