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.
Idaho Indemnity Provisions - Exclusivity of Indemnity as a Remedy
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Multi-State
Control #:
US-ND1012
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Word;
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How to fill out Indemnity Provisions - Exclusivity Of Indemnity As A Remedy?
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FAQ
It's an additional promise which applies over and above an ordinary claim for damages for breach of contract. They recompense the indemnified person for any loss or liability which one person incurs against specified events within the terms of the indemnity.
In an Exclusive Remedy Clause (the ?Clause?), the parties to a merger agree that the indemnification provisions included in the merger agreement are the exclusive remedy for causes of action arising from the merger, the merger agreement, and the terms therein.
The Exclusive Remedy clause reduces the amount a party may owe for a breach of a representation, warranty or covenant by making the negotiated indemnification provisions the exclusive remedy for causes of action arising from the acquisition.
The Exclusive Remedy clause reduces the amount a party may owe for a breach of a representation, warranty or covenant by making the negotiated indemnification provisions the exclusive remedy for causes of action arising from the acquisition.
Essentially, exclusive remedy provisions restrict a party's available remedies for specified claims to the remedies set out in the contract and exclude the party from seeking other types of remedies for that action.
California's workers' compensation laws generally provide that workers' compensation is the exclusive remedy against an employer for an employee's injury or death that arises during the course and scope of employment.
Workers' compensation is often considered the "exclusive remedy" for job-related injuries because it generally gives employers immunity from lawsuits in exchange for coverage of medical costs, missed work, and other injury-related expenses.
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
