For example, Mr. Siegler said, many management contracts contain "indemnification clauses" that could make the co-op ultimately liable for the negligence of the managing agent.
In other words, if the managing agent is held liable for a building employee's injuries, the co-op or condominium, under the management agreement, may have to reimburse the managing agent for any damages paid to the injured party.
Following the collapse in 2009 of Waterford Wedgwood, the museum's managing trust became liable for a £134m pension-scheme shortfall.
Convinced this was a tax scam, the authorities targeted some of AES' general directors and chief accountants who, under Kazakh law, can be held personally liable for any wrongdoing of the entities they manage.
Since such clauses are almost always negotiated, the boards should attempt to minimize the building's responsibility in the event a managing agent is held liable for a building employee's injuries.
In addition to the $3.6 billion fine the corporation is liable for, retail companies now have to deal with eroding customer confidence about how they manage their credit card information.
In fact, even if the management agreement did not impose that duty, the managing agent may still be liable for the negligent manner in which the claim was handled.
"They are liable for what they did not do".
Nicolle added that even if the BBC does manage to avoid liability Clarkson may still be personally liable for any pay out to Tymon.
If directors fail to manage the impact of climate change on their businesses, they could be found personally liable for losses incurred by their shareholders.
Managing a community is highly valuable for retaining an existing audience, who has already purchased your products or is liable for repeated brand interactions.
