Explain how your company might use that clause to protect itself, and any special language your company should consider using in the clause given its specific industry, service, or product line.

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A contract typically consists of three main components that need to be clearly and specifically outlined by the parties: 1. Cost; 2. Deliverables; and 3. Liability. Most contracts have a number of “boilerplate” terms and conditions that regulate how liability is implicated and distributed between the parties. Common boilerplate clauses include indemnification, insurance requirements, choice of law, choice of forum, force majeure, arbitration, confidentiality and publicity rights, intellectual property rights, termination/cancellation, audits, severability, and others. Select a common boilerplate clause (one that I listed or something different) that provides some type of protection for one or both parties. Explain the purpose of the clause, and how it protects one or both parties. Explain how your company might use that clause to protect itself, and any special language your company should consider using in the clause given its specific industry, service, or product line.

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