As global supply chain issues continue to prevent businesses from delivering their products and services on time and on budget, Gary Smith shared key recommendations for minimizing liability in an article for In Business.
Noting that there is no one-size-fits-all approach to revising contracts, Gary encouraged companies to tailor agreements to their individual business conditions and shared two provisions for addressing liability — time is of the essence statements and liquidated damages clauses — and included examples for when they should be used. Additionally, he recommended obtaining and carrying business interruption insurance to help cover losses, developing relationships with backup vendors and exploring domestic manufacturing options to further crisis-proof a company.
A seasoned litigator, advisor, mediator and arbitrator, Gary Smith focuses his practice on commercial matters, construction, real estate, cannabis and administrative law. Gary is among the most well-known voices in Arizona contracting and construction law. He has also worked on partnership disputes, construction defect, design defect, real estate purchase, employment contract breach, business purchase disputes, consumer fraud, banking, and purchase contracts.