What is a typical indemnification provision?

Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."

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Notice of Demand for Assurance of Performance and an Indemnity Bond

Arizona Notice of Demand for Assurance of Performance and an Indemnity Bond

Name: Arizona Notice of Demand for Assurance of Performance and an Indemnity Bond
Brand: US Legal Forms
Rating: 4.72 (344 reviews)

Category:

Contracts - Notices

State:

Multi-State

Control #:

US-02376BG

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Instant download

Description

If a party to a contract has certain duties to perform under that contract and then transfers these duties to another person who is to perform them, there is a delegation of duties. Section 2-609 of the Uniform Commercial Code imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurance of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return.

Between merchants the reasonableness of grounds for insecurity and the adequacy of any assurance offered shall be determined according to commercial standards.

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How to fill out Arizona Notice Of Demand For Assurance Of Performance And An Indemnity Bond?

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FAQ

Breach of Written Contract. The applicable statute of limitations for actions of written contracts is six years for contracts executed within Arizona [and four years for contracts executed outside the state].

The indemnification clause is a crucial element in commercial contracts as it helps mitigate the risks and consequences associated with potential breaches of contracts. This clause also ensures that the parties are fairly compensated for their losses and helps maintain a stable and predictable business relationship.

In general, SB 1231 amended Arizona's public anti-indemnity statutes by clarifying and expanding the situations under which the state, and local governments, cannot require contractors, subcontractors and design professionals to indemnify a government body for the negligence of others.

Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."

If an indemnity is considered appropriate, when negotiating the indemnity, parties should take into consideration the potential impact of the indemnity on their insurance coverage, their risk of exposure to liability under the contract, and whether any limitations or restrictions should be imposed on the indemnity to ...

If a party is seeking to minimise or soften the impact of an indemnity clause they should: use the words ?reasonably foreseeable? or ?direct? in relation to indemnification for loss and damage; avoid expressions such as ?arising from or in connection with?, ?arising directly andindirectly in relation to?;

Indemnification, or indemnity, designates one party (the indemnifying party) as being required to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party damage claims.

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We hereby demand assurances that you will duly perform your obligations under the purchase and sale agreement notwithstanding [Describe Grounds – e.g., “the ... You can go with two options: contact a professional to draft a legal document for you or draft it completely on your own. The good news is, there's a third ...How to fill out Notice Demand Performance? ... Aren't you sick and tired of choosing from hundreds of templates every time you require to create a Notice of ... If the developer opted to submit a new warranty bond, irrevocable letter of credit or cash, the City will release the initial assurance provided for ... Oct 1, 2019 — At that time, a formal request to release the performance bond, as well as a balance sheet, must be submitted. 10. Indemnifying AHCCCS for ... Aug 30, 2017 — Agencies may request an off-contract purchase by completing SPO Form 104, and following the instructions in Standard Procedure SP040. 2.3.2 ... Arizona recognizes a merchant's ability to demand adequate assurances of due ... “Purpose of the demand for assurances of performance by the insecure party ... “Performance Bond” means a bond issued by a surety authorized to transact business in ... If a surety upon a bond loses its authority to do business in Arizona, ... In lieu of State of Arizona licensing, the stipulated insurance may be ... a surety bond or an irrevocable and unconditional letter of credit. The insurance ... Form of Financial Assurance/Performance Bond (Required for most applications on hillside-designated property); A Right-of-Entry and Temporary Construction ...

Arizona Notice of Demand for Assurance of Performance and an Indemnity Bond

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