Risk Management Strategies Flashcards
1
Q
What is a Contract Indemnity Clause?
A
A contractual agreement where one party agrees to to cover the others harm, liability, or loss stemming from the contract
2
Q
What is Risk Transference?
A
Transferring the financial burden of a potential loss to another party
3
Q
What is Risk Acceptance?
A
Acknowledge and deal with risk if it occurs
4
Q
What is Exemption?
A
Excludes a party from a particular rule or requirement
5
Q
What is Exception?
A
Provision that allows a party to avoid a particular rule or requirement under specific requirements
6
Q
What is Risk Avoidance?
A
Changing plans or strategies to eliminate the risk entirely
7
Q
What is Risk Mitigation?
A
Implementing measures to decrease the likelihood of risk
