Nebraska Indemnification of Surety on Contractor's Bond by Subcontractor

• Category: Contracts - Indemnification
• State: Multi-State
• Control #: US-13381BG
• Format: Word; Rich Text

Description

To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss. The Nebraska Indemnification of Surety on Contractor's Bond by Subcontractor is a legal agreement that outlines the responsibilities and obligations of a subcontractor to indemnify the surety on a contractor's bond in the state of Nebraska. This indemnification serves as a form of financial protection for the surety against any potential losses or damages that may arise from the subcontractor's actions or failures. In Nebraska, there are two primary types of indemnification of surety on contractor's bond by subcontractor: 1. General Indemnification: This type of indemnification applies to subcontractors who are engaged in a construction project and have signed a contract with the general contractor, which requires them to obtain a surety bond. The subcontractor agrees to indemnify the surety for any losses, costs, or damages incurred as a result of the subcontractor's negligence, breach of contract, or failure to perform their contractual obligations. The general indemnification clause is intended to protect the surety from financial liability in cases where the subcontractor's actions result in claims against the bond. 2. Specific Indemnification: This type of indemnification is more targeted and may apply in specific situations where the subcontractor's actions pose a higher risk or require additional protection. In such cases, the subcontractor agrees to indemnify the surety against specific risks or damages mentioned in the agreement. Examples of specific indemnification clauses may include indemnification for defective work, injuries or damages caused by the subcontractor's employees, or damages resulting from violations of safety regulations. Specific indemnification clauses are usually included when there are known risks associated with the subcontractor's work or particular contractual requirements that need to be addressed. It is important for subcontractors in Nebraska to understand the terms and implications of the indemnification of surety on contractor's bond agreement before undertaking any subcontracting work. The agreement not only protects the surety from potential financial losses but also serves as a reminder to subcontractors of their responsibility to perform their contractual duties diligently and with the utmost care. Keywords: Nebraska, indemnification, surety, contractor's bond, subcontractor, obligations, responsibilities, financial protection, losses, damages, construction project, negligence, breach of contract, specific indemnification, general indemnification, risks, contractual requirements, subcontracting work.

The Nebraska Indemnification of Surety on Contractor's Bond by Subcontractor is a legal agreement that outlines the responsibilities and obligations of a subcontractor to indemnify the surety on a contractor's bond in the state of Nebraska. This indemnification serves as a form of financial protection for the surety against any potential losses or damages that may arise from the subcontractor's actions or failures. In Nebraska, there are two primary types of indemnification of surety on contractor's bond by subcontractor: 1. General Indemnification: This type of indemnification applies to subcontractors who are engaged in a construction project and have signed a contract with the general contractor, which requires them to obtain a surety bond. The subcontractor agrees to indemnify the surety for any losses, costs, or damages incurred as a result of the subcontractor's negligence, breach of contract, or failure to perform their contractual obligations. The general indemnification clause is intended to protect the surety from financial liability in cases where the subcontractor's actions result in claims against the bond. 2. Specific Indemnification: This type of indemnification is more targeted and may apply in specific situations where the subcontractor's actions pose a higher risk or require additional protection. In such cases, the subcontractor agrees to indemnify the surety against specific risks or damages mentioned in the agreement. Examples of specific indemnification clauses may include indemnification for defective work, injuries or damages caused by the subcontractor's employees, or damages resulting from violations of safety regulations. Specific indemnification clauses are usually included when there are known risks associated with the subcontractor's work or particular contractual requirements that need to be addressed. It is important for subcontractors in Nebraska to understand the terms and implications of the indemnification of surety on contractor's bond agreement before undertaking any subcontracting work. The agreement not only protects the surety from potential financial losses but also serves as a reminder to subcontractors of their responsibility to perform their contractual duties diligently and with the utmost care. Keywords: Nebraska, indemnification, surety, contractor's bond, subcontractor, obligations, responsibilities, financial protection, losses, damages, construction project, negligence, breach of contract, specific indemnification, general indemnification, risks, contractual requirements, subcontracting work.