oa De Rebus - Weighing the risk - revisiting various risk-mitigating mechanisms : feature
Almost all human actions or activities have the potential to bring about damage and/or loss. In contract law, there are various mechanisms available that serve to reduce the exposure and probability of loss resulting from some of these activities. On a daily basis lawyers are confronted with the task of advising clients on which mechanisms to impose in order to minimise loss. It is important for a lawyer who has been tasked in this way to have a clear understanding of the nature and effect of each risk-mitigating mechanism so that clients are adequately protected against risk. This article aims to elucidate on suretyships, guarantees, warranties, indemnities and insurance as means of mitigating or reallocating risks.
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