Know What Your are Getting Into With The Contracts You Sign

Transocean was the unfortunate company that lost its rig and men in the Gulf. To make matters worse, BP has filed a lawsuit against Transocean to pay for the cleanup of the oil. The insurance companies that represent Transocean are saying they have no duty to pay for BP's cleanup. BP, however is referencing a contract that Transocean signed that "holds harmless' BP. So if the courts agree with BP then Transocean's insurance companies may be stuck with the clean up bill. Here again, it is important for business owners to understand the contracts signed in a contractor/subcontractor arrangement. If you don't then your business could be stuck with claims you may or may not have enough coverage for. Until next time be careful out there and know your risks!   K

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