Illinois Indemnification Provisions are legally enforceable clauses included in contracts or agreements that provide protection to parties involved against potential losses, damages, or liabilities. These provisions outline the obligation to compensate or hold harmless one party (the indemnity) by another party (the indemnity) for specific costs or risks. When drafting contracts in Illinois, it is crucial to include these provisions to allocate and manage potential risks appropriately. The following are different types of Illinois Indemnification Provisions: 1. General Indemnification: This type of provision seeks to indemnify the indemnity against any losses, damages, or expenses, including legal costs, arising from claims, actions, or negligence of the indemnity. 2. Limited Indemnification: Here, the indemnification coverage is restricted to specific types of losses, damages, or liabilities defined within the contract. It narrows down the scope and restricts the indemnity's liability under certain circumstances. 3. Third-Party Indemnification: This provision addresses indemnification against claims made by third parties not directly involved in the contract but may suffer harm or losses due to the actions or negligence of either party. 4. Mutual Indemnification: In situations where both parties have potential exposure to risks, this provision obligates each party to indemnify the other against claims, damages, or liabilities caused by their own actions or negligence. 5. No-Fault Indemnification: This provision allows for indemnification regardless of fault. It means that even if the indemnity is not directly responsible for the loss, they are still obligated to provide compensation to the indemnity. 6. Partial Indemnification: This type limits the indemnity's obligation to a certain portion or percentage of the losses or damages incurred by the indemnity rather than providing full coverage. It is essential to consult with legal professionals when drafting Indemnification Provisions in Illinois, as the enforceability and scope of these provisions may vary based on the specific contract language, applicable laws, and jurisdiction.
Illinois Indemnification Provisions
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FAQ
Indemnity is the obligation of a person to make good any loss or damage another has incurred or may incur by acting on the first person's behalf, or for the first person's benefit.
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."
The right to indemnification may be implied by obligation of law in vicarious liability situations or created by express contract. Implied (or common law) indemnification exists where ?the law imposes liability on a party who has committed no actual wrong but who is held responsible for a loss ... ?
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
The main difference in this case is that ?hold harmless? may require a party to protect against actual losses as well as potential losses while indemnification protects against actual losses only. Certain states, including Ohio, Colorado, Louisiana and Delaware, hold that ?indemnify? and ?hold harmless? are synonymous.
The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.
The Illinois Construction Contract Indemnification for Negligence Act (Anti?Indemnification Act) (740 ILCS 35/0.01 et seq. (West 2000), essentially voids any agreement in a construction contract to indemnify or hold harmless a person from that person's own negligence.