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These are the clauses that, once a dispute arises, brokers and principals alike will say “I didn’t read that” or “we didn’t think that would matter.” Perhaps it hasn’t before. But once a dispute arises, it’s often too late to change it.

(This post is part of a series called “Common Clauses,” focused on explaining so-called boilerplate provisions of contracts. Click the...

Boilerplate provisions quietly shape the real-world impact of a contract, and often in ways that only become apparent when something goes wrong.