Standard Terms and Conditions
The majority of contracts that are reviewed by Risk Management are vendor agreements. In an attempt to standardize these agreements, Georgetown University has developed “Standard Terms and Conditions” language. The Standard Terms and Conditions must be presented to every vendor as part of the contracting process.
Once the vendor accepts the GU Standard Terms and Conditions as they are written, there is no need for Risk Management to review the contract.
Vendors may try to place a greater responsibility for liability claims on Georgetown University in the event of a lawsuit. The Standard Terms and Conditions language provides protection by ensuring the responsibility for liability losses is distributed equally between Georgetown and the Vendor.
The Standard Terms and Conditions language addresses three important protective elements. The first is the Mutual Indemnification Clause, which states that Georgetown University agrees to indemnify and hold the Vendor harmless from financial loss resulting from the negligent acts by the University. Conversely, the clause states that the Vendor will indemnify and hold Georgetown University harmless from financial loss due to the negligent acts of the Vendor.