Insight 42 - Magazine - Page 30
TWO WEEKS TO CHANGE LIVES:
A PERSONALIZED CANCER VACCINE JOURNEY
G
enevation is at the forefront of
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Our platform has demonstrated
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Tumors were reduced by 60% with
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These results highlight the potential for
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We are expanding our technology to
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as infectious disease vaccines and
advancing toward Phase 1 clinical trials.
With strategic partnerships and investor
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By addressing inefficiencies and
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WARNING TO BUSINESSES ON ‘TOO BROAD’
CONTRACTUAL INDEMNITIES
B
usinesses that don’t negotiate to
narrow the scope of the indemnity
clauses in their commercial
contracts could be exposing themselves
to too much risk warns Taylor Walton
Solicitors.
Increasingly the firm is seeing draft
contracts being worded which pushes much
broader indemnities onto one party, but the
draft wording if unchallenged means they
could be liable for any breach in relation
to that area of the contract, which clearly
exposes them to too much risk.
Whilst one sided agreements are common
in many contracts, by negotiating, the
contracting parties can tailor the amount
of risk which they are willing to undertake
with each transaction and protect
themselves from damages or litigation
which should be the responsibility of the
other party.
It is also important that indemnities are
clearly worded in a contract to reflect the
intentions of both parties.
30
Peter Kouwenberg, Head of Commercial
at Taylor Walton Solicitors comments:
“Indemnities in contracts are a key part of
mitigating risks for one party, but they can
also represent a significant liability. Whilst
there is a contractual obligation for one
party to compensate the other for loss or
damages incurred by them or the goods or
services they supply, the indemnity needs
to relate to a specific trigger event and the
type of losses covered. There also needs to
be a level of cooperation required from the
indemnified party in the event of a claim
bIZ4BIZ INSIGHT MAGAZINE | DECEMBER 2024
and who controls the defence of the claim.”
“I’ve recently reviewed a contract for a
client which would have loaded all of the
responsibility onto them for indemnifying
the other party in respect of third-party
intellectual property, which was much
too broad and would have posed a huge
financial risk to them had it not been
negotiated.”
“It can be difficult for clients who are
eager to sign a contract with a client as it is
business which they have been chasing for
some time. Sometimes they may not spot
an indemnity clause in a contract as they
are not always labelled explicitly which
is often where issues and disputes arise.
This is why it is important for a contract
to be reviewed by a solicitor so that
responsibilities and expectations are fully
understood by both parties. This also helps
to reduce ambiguity and in the longer term
minimise the chance of disputes which will
lead to a stronger relationship between
both parties.”
