Full
transcript:
I'm often asked by clients, "what contractual terms
should I seek?" Often this is a prelude to a discussion of
what's fair in a contract. The answer depends on the exact
circumstance, but the analysis is always the same. A contract is an
agreement among two or more persons, that is enforceable at law. It
is really no more than the allocation of risks and rewards. The
balance of risks and rewards is a business decision, not a legal
decision.
Some risks you simply won't be able to absorb, you
should be up front about those with your client. Talk about
reasonable limitations of liability. For example, temporal
limitations of liability. English common law has long recognized
that eventually it isn't practical to make a claim. Witnesses
are no longer available, memories fade, documents are lost. British
Columbia has statutory limitations, which changed June 1st 2013.
The current statute provides for a basic two year limitation from
the date of
