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A professional service agreement is more than a handshake in writing – it’s a foundational tool in contract risk management. It defines the scope of services, allocates responsibilities, and clarifies the relationship between parties. Most importantly, it establishes legal duties. If those duties are breached and harm results, the contract becomes the basis for liability.

From August 2023 to August 2024, A&E and construction firms spent $38 billion on mergers and acquisitions, more than triple the number from the previous year. Investments by private equity firms were also at a record high, more than doubling.

As part of our Architects & Engineers coverage, we provide all policyholders with free Risk Management and Loss Control Support. SmartRisk, a leading, independent risk performance consultancy for design professionals, provides these services and a firm-specific risk assessment called an SR Risk Profile.