This form provides boilerplate contract clauses that define the exclusivity or nonexclusivity of indemnity as a remedy under the terms of the contract agreement. Different language options for exclusivity and nonexclusivity are included.
Colorado Indemnity Provisions — Exclusivity of Indemnity as a Remedy are clauses commonly included in contracts to allocate the liability between parties involved. These provisions outline the extent to which one party can be held responsible for damages or losses incurred during a contract's execution. The primary purpose of Colorado Indemnity Provisions is to define the boundaries of liability and protect the parties from the financial consequences of an unforeseen event or breach of contract. In Colorado, there are different types of indemnity provisions that can be included in agreements, including: 1. Broad Form Indemnity: This type of indemnity provision requires one party (indemnity) to indemnify and hold harmless the other party (indemnity) from all claims, damages, expenses, and liabilities, regardless of fault. It typically provides comprehensive protection, making the indemnity responsible for any losses suffered by the indemnity, even if the indemnity was partially or entirely at fault for the underlying incident. 2. Intermediate Form Indemnity: Intermediate form indemnity is a more balanced approach. It requires the indemnity to indemnify the indemnity for losses caused by the indemnity's negligence or fault. However, it does not cover losses caused solely by the indemnity's negligence. This provision offers a middle ground between broad form indemnity and limited form indemnity. 3. Limited Form Indemnity: Limited form indemnity places restrictions on the scope of indemnification. It allows the indemnity to be indemnified only for damages caused solely by the indemnity's negligence or fault. If the indemnity contributed to the loss in any way, they would not be entitled to indemnification. Limited form indemnity provisions are often seen as more fair and balanced. Colorado Indemnity Provisions — Exclusivity of Indemnity as a Remedy ensures that indemnity is the sole remedy available to the parties involved. It prevents the parties from seeking additional remedies such as damages, injunctions, or specific performance for losses and liabilities covered under the indemnity provision. It is essential for parties entering into contracts governed by Colorado law to carefully consider the specific type of indemnity provision that best suits their needs and risk tolerance. Consulting with legal professionals experienced in Colorado contract law is highly recommended ensuring proper drafting and enforceability of indemnity provisions.
