Agreement as an Individual

[limey]

Hi Almighty ContractorUKers,

I have recently been offered a new contract with a company, and am now going through the Ts&Cs. One of the things that is being a requested, is for me to sign an agreement as an individual, in addition to my own ltd company that I operate, which will be the party to the contract. This has various terms such as me personally indemnifying the company, if my ltd company fails to perform, and that I agree to be a party to the contract instead of my ltd company, if it ceases to exist, or I no longer work for my ltd company.

This just seems to me to be opening the way to unlimited liability and giving some risk of bankrupting me if some sh*t happens. I have professional indemnity insurance for £1million, but regardless it doesn't sound good. I'm wondering how the directors of this company would like it, if I ask them for something similar, in case their company goes bust, before my contract potentially ends.

Any one know any good lawyers for contract review? Views on this welcome.

cheers,

L

[MyUserName]

I used QDOS, they seem to know what they are talking about

[northernladuk]

If you do a search for 'contract review' or better still 'QDOS' you will find the answer to your question as well as a lot of other useful information about contract reviews you probably weren't aware of. Bearing in mind you should get every contract reveiwed you can imagine this topic gets discussed alot.

The best way to search can be found here...

http://forums.contractoruk.com/welco...uk-forums.html

[RasputinDude]

Those terms sounds pretty dodgy, and I wouldn't sign them without an expert telling me in very short, simple to understand words exactly what they mean.

Give Bauer & Cottrell a call. Bauer & Cottrell - Expert IR35, Section 660 and Employment Status Advice

NorhernLadUK will soon be along to explain the search facility


Nope, he got there before me.

[Ignis Fatuus]

Hi Almighty ContractorUKers,

I have recently been offered a new contract with a company, and am now going through the Ts&Cs. One of the things that is being a requested, is for me to sign an agreement as an individual, in addition to my own ltd company that I operate, which will be the party to the contract. This has various terms such as me personally indemnifying the company, if my ltd company fails to perform, and that I agree to be a party to the contract instead of my ltd company, if it ceases to exist, or I no longer work for my ltd company.

This just seems to me to be opening the way to unlimited liability and giving some risk of bankrupting me if some sh*t happens. I have professional indemnity insurance for £1million, but regardless it doesn't sound good. I'm wondering how the directors of this company would like it, if I ask them for something similar, in case their company goes bust, before my contract potentially ends.

Any one know any good lawyers for contract review? Views on this welcome.

cheers,

L

This just seems to me to be opening the way to unlimited liability and giving some risk of bankrupting me if some sh*t happens.

Looks like that to me too.

I have professional indemnity insurance for £1million

Do you? Or is it your company that has insurance?

I'm wondering how the directors of this company would like it, if I ask them for something similar

I think we can guess.

[northernladuk]

NorhernLadUK will soon be along to explain the search facility

Keep up sonny keep up...

[Ignis Fatuus]

I might add that since it is agencies that force us to use limited companies in the first place, they can damn well take the limited liability.

[limey]

This just seems to me to be opening the way to unlimited liability and giving some risk of bankrupting me if some sh*t happens.

Looks like that to me too.

I have professional indemnity insurance for £1million

Do you? Or is it your company that has insurance?

I'm wondering how the directors of this company would like it, if I ask them for something similar

I think we can guess.

Actually, you're right, the the Professional indemnity insurance is in the name of my company ... not sure whether this is a mistake when I took it out?

Currently getting contract reviewed by B&C ...

[captainham]

Actually, you're right, the the Professional indemnity insurance is in the name of my company ... not sure whether this is a mistake when I took it out?

Currently getting contract reviewed by B&C ...

No, not a mistake...it's the company that has the indemnity, and the fact that the company has limited liability should protect you as an individual (assuming you don't sign anything to the contrary which they are trying to get you to do here!).

Good luck with the review, I can guarantee B&C will pick this one up as an issue...

[BolshieBastard]

Bauer and Cotterill every time.