Guest
|
 Posted:
Wed Nov 09, 2005 9:10 pm Post subject:
Re: Mechanical design consulting - what's the going rate? |
|
|
Unfortunately having a P.E. license complicates things. You can be
sued personally for your professional activities if you are licensed
(this is true for anyone with a professional certification, lawyers,
doctors, CPA's, etc). I know this from first hand experience. If you
are licensed, and are doing consulting work you should carry liability
insurance (sometimes you can get it from your homeowners insurer under
a personal umbrella liability policy or "PLUP"). Don't drop it once
you finish the work. Carry it as long as the statute of limitations
for such things is in your state. In some areas it's 10 years!
If you are licensed and work for a company ask for a letter of defense
and indemnity from your employer which extends beyond the term of
employment. This is because you can also be sued personally for doing
work for an employer. Your employer has an obligation to provide for
your defense (which they can abdicate) but are not liable for any
judgments. If the employer abdicates their responsibility of defense,
you will have to provide for your own defense and then sue them later
to recover the expenses. Needless to say this often isn't an option
for many individuals as effective legal defenses in cases will exceed
$100,000.
Failing insurance get whoever you are going to work for to provide you
with a liability release. PLEASE consult a lawyer on the language if
you can talk your client into it.
Trust me, defending yourself against a suit is going to cost you more
than you can afford. The general fallback in this situation is to
declare bankruptcy which will protect your personal assets but has some
rather unfortunate impacts on you personal finances. |
|
FAQ
Memberlist
Register
Profile
Log in to check your private messages
Log in