Nebraska Indemnification Provisions play a crucial role in legal agreements and contracts, aiming to protect parties against potential losses and liabilities. These provisions typically establish the conditions under which one party (the indemnity) agrees to compensate the other party (the indemnity) for any losses, damages, or legal costs arising from specified events or actions. There are various types of Nebraska Indemnification Provisions applicable in different contexts: 1. General Indemnification Provision: This is the most common type of indemnification provision that covers a wide range of losses and liabilities arising from any breach of contract, negligence, or any other actions or omissions. 2. Third-Party Indemnification Provision: This provision specifically addresses situations where the indemnity faces claims, demands, or lawsuits brought by a third party due to the actions or negligence of the indemnity. It requires the indemnity to indemnify and defend the indemnity against any losses arising from such claims. 3. Mutual Indemnification Provision: In certain agreements where both parties have equal risks and potential liabilities, a mutual indemnification provision may be included. This provision ensures that each party agrees to indemnify and hold harmless the other party from any losses arising out of the agreement. 4. Limited Indemnification Provision: Sometimes, parties may agree to limit the scope of indemnification. This provision sets certain limitations or caps on the types or amount of losses for which indemnification is provided, safeguarding the indemnity from excessive liability. 5. Indemnification Provision for Intellectual Property (IP): In agreements concerning intellectual property rights, such as licensing, joint ventures, or technology transfers, this provision focuses on indemnifying against claims or litigation arising from IP infringements or misappropriation. It commonly includes warranties to ensure that the party providing the IP rights has all necessary legal permissions. To ensure the effectiveness of Nebraska Indemnification Provisions, it is crucial for parties to clearly define the scope and limitations of indemnification, specify the process and timeline for indemnification claims, determine the governing law, and identify any exclusions or exceptions applicable to the provision. NOTE: While we have provided a detailed description of Nebraska Indemnification Provisions, please consult with a legal professional for specific advice and guidance tailored to your situation, as legal requirements and interpretations may vary.
Nebraska Indemnification Provisions
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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.
No action at law or equity may be brought or maintained attacking the validity or enforceability of or to rescind or declare void and uncollectible any written contract entered into pursuant to, in compliance with, or in reliance on, a statute of the State of Nebraska which has been or hereafter is held to be ...
Company has no responsibility for claims based on non-Company products and services, items not provided by Company, or any violation of law or third-party rights caused by Client materials, designs, or specifications or Client content.
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
An indemnity clause, also known as an indemnification clause, is a standard waiver clause that states that one party won't hold the other liable for damages, losses, or costs associated with incurred legal issues.
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.
Principle of indemnification is the basis of insurance, providing that a loss payment will replace what is lost, putting the insured back to where it was financially prior to the loss without rewarding or penalizing the insured for its loss.
Liability limitation Indemnification clauses can limit the liability of one party, reducing their financial exposure in the event of a loss or damage. Limiting their liability reduces their financial exposure and protects them against potential losses.
Indemnification clauses are generally enforceable, but there are important qualifications. Some courts hold that broad form or ?no fault? indemnifications, which are blind to fault on the part of either party, violate public policy.
For example, an indemnification provision may exclude indemnification for claims or losses that result from the indemnified party's: Negligence or gross negligence. Improper use of the products. Bad faith failure to comply with its obligations in the agreement.