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ACCESS Seminar March 24, 2015, Ottawa, ON 8:00am4:30pm Registration Form Managing Risks through Contracts Lord Elgin Hotel 100 Elgin Street, Ottawa, ON K1P 5K8 (613) 2353333 Registration includes:

How to fill out managing risks through contracts

1. Identify the potential risks: Begin by conducting a thorough analysis of the project or agreement for which the contract is being drafted. This involves identifying all potential risks that could arise during the course of the project or agreement.
2. Assess the likelihood and impact of each risk: Once the risks have been identified, assess the likelihood of each risk occurring and the potential impact it could have on the project or agreement. This step helps prioritize which risks should be addressed more prominently in the contract.
3. Determine risk allocation: Decide how the risks will be allocated between the parties involved. This includes determining who will be responsible for managing and mitigating each risk. Clearly define the obligations and responsibilities of each party in relation to risk management.
4. Establish risk management strategies: Develop specific strategies and measures to manage and mitigate the identified risks. This could include setting thresholds or limits for certain risks, implementing contingency plans, or incorporating insurance coverage.
5. Define contractual provisions: Incorporate the risk management strategies and responsibilities into the contract. Clearly outline the rights, obligations, and remedies of each party in relation to the identified risks. This step helps ensure that everyone is aware of their responsibilities and provides clarity in case any risks materialize.
6. Seek legal advice if necessary: Depending on the complexity of the project or agreement, it may be prudent to seek legal advice to ensure that the contract adequately addresses and manages the risks involved. Legal professionals can provide guidance on specific contractual clauses or provisions that may be required.

Who needs managing risks through contracts?

1. Large corporations: Large businesses involved in complex projects or agreements often face higher levels of risks. Managing these risks through contracts helps protect their interests and mitigate potential losses.
2. Small to medium-sized enterprises (SMEs): SMEs may not have the same resources or experience as larger corporations. Managing risks through contracts can help level the playing field and ensure that they are adequately protected in their business dealings.
3. Contractors and service providers: Those providing services or working as contractors on various projects also benefit from managing risks through contracts. Clear risk allocation and management provisions protect their interests and provide a framework to resolve potential disputes.
4. Government entities: Government entities involved in public-private partnerships or large-scale projects also need to manage risks through contracts. This helps protect the public's interests and ensures transparency in the allocation of risks.
5. Individuals: Even individuals entering into contractual agreements, such as lease agreements or loan agreements, can benefit from managing risks through contracts. By clearly defining the risks and responsibilities of each party, individuals can protect their rights and mitigate potential losses.

In conclusion, filling out managing risks through contracts involves identifying and assessing potential risks, allocating responsibilities, developing risk management strategies, incorporating them into the contract, and seeking legal advice if necessary. This approach is relevant for large corporations, SMEs, contractors, government entities, and even individuals who want to protect their interests and manage potential risks effectively.

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