Issue link: https://htpgraphics.uberflip.com/i/392122
36 There are various ways of managing your risk in relation to your client, many of which can be dealt with in your consultancy contract. Deliverables – As discussed in Section 4 you should be clear about what the deliverables will be. A lack of clarity can give rise to disputes between you and your client. So make sure that the details are as specific as possible. Whilst more general wording might appear to give you more flexibility, remember it is likely to give your client more flexibility to require more from you or to claim that you have not delivered in full. Avoid having to complete the work to "the satisfaction of the client". Being specific and limiting the deliverables can limit your risk. Timetable – Make sure the timetable has enough slack in it to allow for contingencies and so that you can impress and over deliver. Many consultancy agreements are relatively unspecific about the time for delivery. You may see phrases such as "within a reasonable period". Do not commit to a specific time unless you are absolutely sure that you can meet it. If you fail to do so it may cost you money. Report – As highlighted previously, you should take care when preparing your report only to make statements with which you feel absolutely comfortable and that you feel that you can back-up. Avoid sweeping statements. Before signing-off, always challenge the statements which you have made in your report in the same way as you would challenge, from an intellectual point of view, the work of another researcher. If your client acts on an incorrect statement, you could be liable and it might cost you cash and loss of standing. Your report should indicate clearly who is entitled to rely on it and ideally the capacity in which that person is acting. The purpose of your report may be being given to support a particular transaction, such as a report on an invention which a venture capitalist is thinking of funding. In such a case make it clear that your report can only be relied on by the relevant parties in relation to that particular transaction. This is usually the client who commissions and pays for the work. You should also limit the publication of your report as that could increase your potential liability. This can all be agreed up front in your contract. Managing Risk Section 6