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Give it a try: Difference between revisions
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{{box|You have, at [[credit]]'s insistence asked your client to [[indemnify]] you for your losses performing the {{tag|contract}}. But what standard of conduct must you display before claiming on the [[indemnity]]? | {{box|You have, at [[credit]]'s insistence asked your client to [[indemnify]] you for your losses performing the {{tag|contract}}. But what standard of conduct must you display before claiming on the [[indemnity]]? | ||
Your risk officer suggests exclude liability under the [[indemnity]] where the loss arises as a result of our [[ | Your risk officer suggests exclude liability under the [[indemnity]] where the loss arises as a result of our [[gross negligence|''gross'' negligence]]. | ||
“'[[Gross negligence|''gross'' negligence]]? But surely no sensible client will accept that?” you say.<ref>Conventional wisdom has it that US counterparties ''will'' unblinkingly accept gross negligence standard. Which makes you wonder about conventional wisdom in [[US attorneyAmerica]]. But anyway.</ref> | “'[[Gross negligence|''gross'' negligence]]? But surely no sensible client will accept that?” you say.<ref>Conventional wisdom has it that US counterparties ''will'' unblinkingly accept gross negligence standard. Which makes you wonder about conventional wisdom in [[US attorneyAmerica]]. But anyway.</ref> | ||
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Where, as is usualty the case, the [[present value]] of “give it a try” is close to zero, then if the present value of “will anyone object?” is not zero, ten even giving it a try is not a rational move.<ref>Who said [[Mediocre lawyer|lawyers]] were ''rational''?</ref> | Where, as is usualty the case, the [[present value]] of “give it a try” is close to zero, then if the present value of “will anyone object?” is not zero, ten even giving it a try is not a rational move.<ref>Who said [[Mediocre lawyer|lawyers]] were ''rational''?</ref> | ||
{{sa}} | {{sa}} | ||
*[[Audit paradox]] | |||
*[[Onboarding]] | *[[Onboarding]] | ||
*[[Circle of escalation]] | *[[Circle of escalation]] | ||
*[[Gross negligence]] | *[[Gross negligence]] | ||
{{ref}} | {{ref}} | ||