This discussion will identify the critical components of a statistical consulting contract. The key topics are intellectual property, warranty, indemnification, liability, and payments. The need for liability insurance will be discussed as well as the expected costs. An outline of what should be in a statistical consulting contract will be distributed. The risks of not having a contract and insurance will be discussed. Questions to be answered are: (1) should you have a contract? and (2) should you have liability insurance? The advantages and disadvantages of having a LLC will also be discussed.