This form brings together several boilerplate contract clauses that work together to outline the procedures, restrictions, exclusivity and other aspects of an indemnity provided for under the terms of the contract agreement.
Arkansas Indemnification — Long-Form Provision is a legal clause that outlines the rights and responsibilities of parties involved in a contract, particularly with regard to indemnification and liability. This provision serves as a safeguard for parties in case of claims, damages, or losses incurred during the performance of the contract. In Arkansas, there are different types of Indemnification — Long-Form Provisions, each with its own characteristics and applicability: 1. General Indemnification: This type of provision offers protection to a party by requiring the other party to indemnify and hold them harmless from any claims, damages, or losses arising out of the contract. It covers a wide range of potential liabilities, ensuring that both parties are protected. 2. Third-Party Indemnification: This provision specifically pertains to claims brought against one party by a third party, which arise from the performance of the contract. The indemnifying party agrees to assume the liability and cover the costs incurred by the indemnified party in addressing such claims. 3. Mutual Indemnification: In some cases, both parties may agree to a mutual indemnification clause. This provision holds both parties responsible for indemnifying and defending each other against claims or damages caused by their own actions or negligence, providing a balanced approach to indemnification. 4. Limited Indemnification: This type of provision sets specific limitations on the extent of indemnification one party may owe to the other. It may be applied when certain risks or liabilities are shared between parties, and the indemnifying party's responsibility is limited to a predefined scope. 5. No-Fault Indemnification: This provision allows one party to be indemnified irrespective of fault or negligence. It shifts the responsibility for any claims or losses entirely to the other party, even if the indemnified party contributed to the occurrence of such events. Arkansas Indemnification — Long-Form Provisions aim to allocate and apportion the risks associated with a contract effectively. However, it is crucial for parties to carefully review and negotiate the terms of the provision to ensure they align with their particular circumstances, rights, and interests. Seeking legal advice is advisable to ensure compliance with Arkansas laws and protection of one's rights.
