Unless you are Tom Cruise, no one wants to get caught with their pants down singing and dancing along to Bob Seger.  

We have therefore stripped bare some of the key liability and indemnity provisions which can arise in a contract in case you should find yourself unsupervised and sipping at a glass of Chivas Regal.

Your basic protection

Before we fully clothe you with some key contractual protections, we have briefly set out below the starting position at common law.

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Damages are awarded on the basis that they are intended to place the plaintiff in the same situation had the contract been properly performed.

The principles which govern when and to what extent the plaintiff is entitled to recover damages include:

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Getting yourself some additional protection

Some contractual mechanisms that can be used to alter the starting position are set out below.

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So a bit of risky business can lead to healthy returns. But if you ever find yourself eating a frozen meal alone and starting to tap along to “Old Time Rock and Roll”, before you sign that contract and head for the door, make sure you have the right protection.