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Business contracts of all kinds can be complicated and the legal jargon can be confusing. In addition, contracts should be regularly updated to make sure it is properly tailored to the situation at hand. One type of clause that can be very beneficial in a contract is a waiver. The following are two examples of possible waivers in Houston business contracts.
This is often a standard part of most business contracts. A liability waiver simply means that the other party is waiving the right to hold your company liable for harm arising from the activities addressed in the contract. You may think that a liability waiver provides complete protection from legal action, however, these provisions are not always enforced by the courts.
Generally speaking, to be enforceable, liability waivers cannot be too overbroad, all-inclusive, take-it-or-leave-it, or otherwise unconscionable. An attorney can help to draft your liability waiver in a manner that actually protects you in the unfortunate event of harm.
It is understandable that businesses want to avoid the cost, time, and stress of a jury trial to resolve disputes whenever possible. Often, businesses will include a clause requiring arbitration instead of going to court. However, with the costs of arbitration, the lack of appeal options, and the other potential downfalls of arbitration, some companies may want to consider a jury trial waiver in their contract instead of an arbitration agreement.
This waiver states that disputes will be resolved at a bench trial by a judge, not a jury. Like liability waivers, these clauses are not always enforceable and must be obvious in the contract and signed knowingly and voluntarily by the other party. If successful, however, they can be very beneficial for your business.
Of course, waivers are only one of many types of provisions that can be essential to protecting your business in any contract. The best way to ensure your business contracts include all necessary and enforceable provisions is to have it drafted or at least reviewed by a highly experienced business lawyer before you consider signing.