About the Service

A Gold Seal Contract Review helps you to identify areas of liability and exposure in your contract that may not be covered under your insurance program. Doing this before you sign the contract gives you the opportunity to either renegotiate parts of the contract and/or plan how to manage those exposures in advance. The service includes:

• A review of the contract and relevant insurance policy(s) to identify the liabilities and exposures which arise under the contract and are not covered by the insurance. It covers only the contract terms that are relevant to the insurance policy, not the commercial or other terms of the contract.
• A short written report on our findings and suggesting further action to protect your position, including suggested changes to the contract or other risk management strategies.
• A 15-minute telephone consultation to discuss the report and provide further guidance if required.

The service is to assist clients to identify areas of liability and exposure that may not be covered under their insurance policy before they commence work under a contract so they can take steps to renegotiate the contract or otherwise manage those exposures.

The review only covers the contractual terms that are relevant to the insurance policy and does not consider the commercial or other terms of the contract. 

Fees

We provide a standard fee structure for the service. The cost depends on the length of the contract and the number of policies that we need to review. Indicative charges where only 1 policy requires review would be:

• Review for Tender purposes only                $1,600.00 incl. GST for one policy*
• Non-Standard Contract:
  • Contract - 1 to 25 pages in length      $2,025.00 incl. GST - for one policy*
  • Contract - 26 to 50 pages in length    $2,425.00 incl. GST - for one policy*
  • Contract - 50+ pages in length          Quoted individually by Gold Seal.

* Additional Insurance Policies  $775.00 incl. GST for each additional policy 

How to Arrange a Contract Review

To retain Gold Seal to review your contract and related insurances:

• Complete and sign the Client Contract and Payment Authority Form form and fax/email it  to Gold Seal; and
• Forward full copies of the following documents to Gold Seal:
  • the contract to be reviewed;
  • each insurance policy to be reviewed (relevant to the contract) including the policy schedules, endorsements and wordings.

Note: We prefer to receive electronic copies of all documents where possible. If only printed copies are available, please post to PO Box 443, Potts Point NSW 1335 or courier to Suite 2A, Level 2, 140 William Street, Sydney NSW 2010.  

Timing

We will begin the review when payment and all of the required documents are received at our office. We aim to provide our report to you within 5 business days of receiving all the documents, if not sooner.