Allocation of Risk in Voluntary Arrangements
Allocation of Risk in Voluntary Arrangements
Examines the part played by insurance arrangements in a wide variety of commercial contracts. Explains that insurance is an inherent aspect of party relationships; and that the contractual relationship between parties may be better understood by expanding the frame of analysis beyond two parties, to encompass insurance relationships. Explains the significance of party risk allocation for commercial contracting and underlines the need to explore contracts in their context, including the risk allocation context of market transactions. Sets out some common concerns facing contracting parties and explores the role of insurance in relation to risks of insolvency and defective performance. Examines the obstacles to successful risk allocation through first party and third party insurance, and relevant insuring obligations. Further explores the issues through a case study of insurance provisions in construction contracts, including co-insurance provisions.
Keywords: Risk allocation, Contract, Commercial contracting, Insolvency risk, Defective performance, Construction contracts
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