This form provides boilerplate contract clauses that designate the rights of parties to appoint an Indemnitor Representative and outlines such representative's powers and obligations under the contract.
Montana Indemnity Provisions - Parties to the Indemnity
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US-ND1006
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FAQ
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).
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).
party indemnification claim is a claim by the indemnified party for a loss suffered directly. A thirdparty indemnification claim is a claim by the indemnified party for a loss resulting from a claim by a third party.
As used in this Lease the term "Indemnified Parties" shall mean Lessor, any Fee Mortgagee and their respective successors, assigns, employees, servants, agents, attorneys, officers, directors, shareholders, partners and owners.
Answer: Indemnification language in a contract is traditionally understood to apply only to third party claims and not to ?direct? claims between the parties themselves.
Under an indemnity provision, the indemnifying party agrees to compensate the indemnified party for direct claims (by the indemnified party against the indemnifying party), third-party claims, or both.
Indemnity clauses may be structured as mutual indemnification, where both parties agree to indemnify each other for specific types of losses, or they may be one-sided, where only one party agrees to indemnify the other. A mutual indemnification clause is a provision in which both parties agree to indemnify each other.
Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
Answer: Indemnification language in a contract is traditionally understood to apply only to third party claims and not to ?direct? claims between the parties themselves. Many courts will presume this interpretation unless the parties clearly express an intent for indemnification to apply to direct claims.
party indemnification claim is a claim by the indemnified party for a loss suffered directly. A thirdparty indemnification claim is a claim by the indemnified party for a loss resulting from a claim by a third party.