Thought boilerplate contracts were fine until an MSA bite me in Austin

I used to sign vendor agreements without reading past page 2, figured lawyers just copy-paste anyway. Then last quarter a supplier in Austin hit me with an indemnity clause that made me liable for their screw-up with a client's data, cost me $3,200 in fees to unwind. What changed my mind was my accountant saying, 'you pay me to catch this stuff, not to hope.' Now I spend 20 minutes skimming every contract for the words 'indemnify' and 'limitation of liability.' Has anyone else had a standard form clause backfire, or am I just paranoid now?

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alice_allen529d ago

You hit the nail on the head that the boilerplate is where they hide the traps? Same thing happened to me with a SaaS agreement, the auto-renewal clause doubled my bill before I caught it.

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