Invalidating a contract
The lesson to be learned: Whenever a contract requires you to waive subrogation rights, check with your insurance consultant before signing the contract to ensure that, by waiving an insurer’s subrogation rights, you are not invalidating or compromising your own insurance coverage.
This is a real risk and one that owners and contractors can avoid with a single phone call.
The general contractor, in turn, enters into a subcontract with a subcontractor that contains a similar waiver of subrogation provision.
Later, in the midst of the construction project, an employee of the subcontractor negligently starts a fire that destroys the unfinished high-rise, causing a $5M loss for the owner., then the owner’s builder's risk insurer will be obligated to pay the $5M loss but will not be able to sue the general contractor or the negligent subcontractor to recover the $5M that it paid on the loss.
A prenuptial agreement can help you establish the financial rights of you and your spouse in unfortunate event of a divorce including protecting a family business, or securing your personal assets.
However, prenups have to be done right in order to be valid in your state.
But what exactly is “subrogation” and what does it mean to “waive” subrogation rights?
Subrogation is the legal concept that allows an insurance company which has paid for a loss, to “step into the shoes” of (in other words become “subrogated” to the rights of) its insured following a loss and then sue a party that may have been responsible for the loss.
In a format that includes hands-on problem solving and ample opportunity for questions, this workshop explains difficult concepts in easy to understand terms.
This course is open to anyone who wants to gain a basic understanding of contract law.
He is an Australian Learning and Teaching Fellow and Senior Fellow of the United Kingdom Higher Education Academy and has received numerous awards for his innovative learning and teaching practices.
If you come into contact with contracts or are involved in contract-making in the course of your work, a basic knowledge of contract law can help you avoid legal problems down the track.
You must pay online by credit or debit card (unless you are a QUT staff member). We'll automatically email you an invoice, which you can use as proof of payment.Tags: Adult Dating, affair dating, sex dating