Industry 4.0 – Commercial contracts
The liability clauses within your commercial contracts
The way businesses interact, particularly around the sharing of data and confidential information will change.
Consequently, it is vital that you closely examine the way you engage with both your partners and your customers and review any agreements involving liability clauses so they reflect the changing nature of those relationships. You will need to agree exactly who within your supply chain will be liable for faulty goods or failure to deliver those goods as agreed.
You may also want to consider putting new contracts in place in case your systems fail or suffer an attack. It is also highly advisable to redraft your standard terms and conditions so they reflect the changes you’ve made to the way you operate and the technologies you’ve adopted.
If you would like to discuss how to prepare your business contracts for Industry 4.0, contact our specialists at firstname.lastname@example.org