Contract Glossary
Assumption of Risk
Definition
A legal doctrine where someone knowingly and voluntarily accepts the risks associated with an activity. If you assume the risk, you typically can't sue for injuries or losses that result from those known risks.
In Practice
You sign a waiver before going bungee jumping, rock climbing, or using a coworking space's gym. That waiver is an assumption of risk agreement. In business contracts, assumption of risk clauses can shift liability for certain outcomes, like using beta software or participating in a high-risk venture, from the provider to you.
Common in these contract types
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