contractual liability

contractual liability

Liability assumed by a party under a contract by express language, implication, or operation of law; includes not only the obligation of a party to perform in accordance with the contract but also such other obligations as may be assumed, e.g., those arising from indemnification or hold harmless clauses.
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* Broad first and third party coverage options to address cyber extortion, breach of data privacy, contractual liability, copyright infringement and rogue employees
"It added that it is beyond dispute that a civil action based on the contractual liability of a common carrier is distinct from an action based on criminal negligence.
The ruling upholds the contractual protections to which ConocoPhillips is entitled under the applicable agreements and acknowledges PDVSA's independent contractual liability arising from the government of Venezuela's unlawful and uncompensated expropriation of ConocoPhillips' investments," said Janet Langford Carrig, senior vice president, Legal, general counsel and corporate secretary of ConocoPhillips.
In the context of risk allocation, no single issue may be more significant than contractual liability coverage.
Contractual liability coverage does not unilaterally cover your indemnification of another party.
New York, NY, November 25, 2017 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Scott Ostericher, Partner, Vocke Law Group LLP will speak at the Knowledge Group's webcast entitled: "Bad Faith Claims and Extra Contractual Liability: Things You Need to Know LIVE Webcast." This event is scheduled for Tuesday, December 5, 2017 @ 3:00 PM to 4:30 PM (ET).
Insured contract coverage typically arises as an exception to the contractual liability exclusion where, for example, a project owner asserts a claim for contractual indemnity against a general contractor for losses the owner incurs because of bodily injury or property damage caused by the negligence of the general contractor or its subcontractors.
During the morning session, Unlocking the Mystery of Insureds, Additional Insureds and Contractual Liability, Falvo explored the differences between insureds and additional insureds through the lens of the contractual liability exclusion.
He covers contractual liability, the definitions and classifications of contracts, arbitration clauses, penalty clauses, defects, burden of proof, good faith, contractual liability, remedies in case of non-performance, power of attorney, damages, the relationship between contract law and the law of property, and many other related subjects.
However, as more physicians become part of larger networks to deliver new models of care, their contractual liability spreads, he said.
It's one of the six enumerated things that qualify as an "insured contract," which is itself an exception to the Contractual Liability exclusion.