This is where an attractive piece of work can turn into a serious risk. Three clauses decide how much you're really on the hook for: termination, liability, and insurance.
Termination sets out how the relationship ends and what happens to the money when it does. Especially important on retainers and long projects.
Cover: notice to end for convenience, immediate exit for serious breach or non-payment, payment for work done up to that point, and recovery of costs you've already committed.
As a rough guide, 30 days' notice suits short jobs; 60 to 90 days is fairer on long retainers, so you can re-plan resource.
Liability decides how much you could be forced to pay if something goes wrong. You don't draft this; you do need to spot when a client is asking you to accept open-ended risk.
A common, sensible position: cap your total liability, often around the project value, sometimes up to a small multiple of it, and never above your insurance limit.
And carve out things you don't control: the client's own materials, their instructions after you advised against them, and use of your work outside the agreed scope.
Insurance is not a formality at the end of the document. If the client demands a level of cover, check you actually hold it before you sign, not after.
Confirm your professional indemnity limit, whether other cover is required, and that the territory and the work are inside your policy. Promise cover you don't have, and you're carrying the risk personally.
On the risk clauses, ask three things: can I exit cleanly, is my liability capped and sensible, and do I actually hold the insurance I'm promising? If any answer is no, negotiate before you sign.