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risk definition What does risk mean? In legal practice, risk describes the possibility that a reasonably foreseeable circumstance or event could adversely affect legal rights, regulatory compliance, business operations, or the security of systems and data. The term is widely used across legal contexts, with certain regimes articulating it expressly. Cybersecurity: In the EU NIS2 framework (as transposed in Ireland), risk means any reasonably identifiable circumstance or event having a potentially adverse effect on the security of network and information systems. In the UK, the Network and Information Systems Regulations 2018 adopt a comparable risk‑based approach to security and incident handling; while “risk” is not defined as...
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Offshore energy knock-for-knock indemnities: scope, drafting and insurance; English law interpretation (negligence, gross negligence, wilful misconduct, consequential loss)
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Practice notes
What are knock-for-knock indemnities?
A knock-for-knock clause sets out a mutual arrangement under which contracting parties divide responsibility for specified losses—typically injury or death of personnel and damage to property—backed by mutual indemnities. In place of the usual fault-based rules that would apply at law, the approach adopts the notion that loss remains with the party on whom it falls. This risk Allocation device is widely utilised in the offshore oil and gas sector to create certainty and to avoid recourse against other participants. Its use is increasingly seen across other complex offshore energy projects, such as offshore wind projects.
What are the key features of a knock-for-knock clause?
As a general rule, these clauses preserve the position that any harm to personnel or damage to property suffered by a party’s defined ‘group’ must be borne by that party, regardless of fault. The relevant ‘group’ can be broadened to cover subcontractors, affiliates and, in some situations, other contractors. Parties frequently employ standard form agreements issued by industry bodies (for example, LOGIC) for complex offshore projects, although bespoke amendments are often introduced during negotiations...
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Web page updated on 21/05/2026
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