Let’s face it — if you’re in agriculture and, more specifically, the pork industry, you know the size and scope of the industry has drastically changed over the past couple of decades. While that’s great, it also brings with it a heightened amount of risk with a lot more money at stake. And when there’s money at stake, everyone becomes a “stake”holder!

So what can you do to ensure you properly transfer any risk you may encounter? The answer: Clarify roles and responsibilities through a written contract. Obviously, it’s not as simple as it sounds, though I’d love that to be the case.

There are various contracts that can be pertinent depending on your involvement. Essentially, there are contracts between growers, investors, independent contractors, and packers. Sometimes these need to be separate contracts, and sometimes everything can be combined into one contract. But before you sign any dotted line, you need to know some critical steps to take and items to watch for.

What it boils down to is this. There are key elements of a contract you need to be aware of. Your attorney as well as your insurance agent should be well versed on the various provisions in a contract. Many times, our Holmes Murphy staff can help reduce your risk by re-clarifying provisions that shouldn’t be your responsibility. So reach out to us. And, before you secure any handshake, be sure you know what you’re agreeing to.