Every business runs the risk of being faced with damage to its own interests, or being held liable for damage to another party. The underlying principle is that each party should be responsible for their own damage unless the other party can be held liable on the basis of facts and circumstances. Among the best-known grounds for liability are non-compliance with contractual obligations (attributable non-performance) and unlawful acts.
Agreements on the distribution of liability and risks can be laid down in a contract. In addition to established contractual agreements, businesses are required to act with due care, taking account of the requirements of reasonableness and fairness.
Professional practitioners for example (including doctors, lawyers, accountants, real estate agents, insurance brokers, etc.) are required to comply with specific standards of professional prudence. Manufacturers, importers and dealers run the risk of being held liable for unsound products.
Once a party’s liability has been established, that party is required to compensate the harmed party. In certain cases, the damages can be huge, with all the resultant financial risks. To restrict these risks as far as possible, many businesses (wish to) take out sound insurance cover against possible damage claims.
The expertise of BANNING
The attorneys-at-law of the Damage, Liability & Disputes practice group regularly litigate on disputes relating among others to the establishment, explanation or execution of commercial contracts. We of course take this experience into account when preparing and assessing your commercial contracts. Unfortunately, disputes are not always avoidable. In that case, too, you can call upon the expertise of our attorneys, who will be able to advise you on your position and the opportunities available to you, for example seizure or initiating preliminary relief proceedings.