New Jersey Indemnification Provisions

• Category: Partnerships - Drafting Joint Venture Agreements
• State: Multi-State
• Control #: US-P0618-2AM
• Format: Word; Rich Text

Description

This form is a model adaptable for use in partnership matters. Adapt the form to your specific needs and fill in the information. Don't reinvent the wheel, save time and money. New Jersey Indemnification Provisions refer to legal clauses or provisions included in contracts or agreements that outline the terms and conditions for indemnification — the act of compensating or reimbursing someone for losses, damages, or liabilities incurred as a result of certain actions, events, or situations. These provisions are designed to protect parties from financial loss, liability, or legal consequences arising from their contractual obligations or actions. In New Jersey, there are several types of indemnification provisions commonly used, including: 1. Broad Form Indemnification: This type of provision imposes a broad obligation on one party (the indemnity) to indemnify and hold harmless the other party (the indemnity) for losses, damages, or liabilities arising out of any cause, including the indemnity's own negligence. 2. Limited or Intermediate Form Indemnification: This provision limits the indemnity's obligation to indemnify the indemnity to losses, damages, or liabilities caused solely by the indemnity's negligence or willful misconduct, excluding the indemnity's own negligence. 3. Comparative Fault Indemnification: This provision allocates liability between the parties based on their respective degree of fault. It allows for a fair distribution of indemnification obligations by apportioning liability in proportion to each party's contribution to the loss or damage. 4. Anti-Indemnity Statutes: New Jersey has specific statutes that restrict or invalidate certain types of indemnification provisions. For example, under the Construction Industry Independent Contractor Act (CIRCA), indemnification clauses requiring a party to indemnify another for their own negligence are unenforceable in construction contracts. 5. Indemnification for Attorneys' Fees and Costs: In New Jersey, indemnification provisions may also include the reimbursement of attorneys' fees and costs incurred in defending or prosecuting claims related to the indemnified matters. Parties often negotiate and specify the terms surrounding the payment of such fees. Indemnification provisions in New Jersey contracts are aimed at managing risks and ensuring that parties are protected from potential losses or liabilities arising from their actions or obligations. However, it is crucial for parties to carefully review, negotiate, and understand the specific terms included in these provisions to ensure fair and enforceable agreements. It is advisable to seek legal advice when drafting or interpreting indemnification provisions to ensure compliance with New Jersey laws and regulations.

New Jersey Indemnification Provisions refer to legal clauses or provisions included in contracts or agreements that outline the terms and conditions for indemnification — the act of compensating or reimbursing someone for losses, damages, or liabilities incurred as a result of certain actions, events, or situations. These provisions are designed to protect parties from financial loss, liability, or legal consequences arising from their contractual obligations or actions. In New Jersey, there are several types of indemnification provisions commonly used, including: 1. Broad Form Indemnification: This type of provision imposes a broad obligation on one party (the indemnity) to indemnify and hold harmless the other party (the indemnity) for losses, damages, or liabilities arising out of any cause, including the indemnity's own negligence. 2. Limited or Intermediate Form Indemnification: This provision limits the indemnity's obligation to indemnify the indemnity to losses, damages, or liabilities caused solely by the indemnity's negligence or willful misconduct, excluding the indemnity's own negligence. 3. Comparative Fault Indemnification: This provision allocates liability between the parties based on their respective degree of fault. It allows for a fair distribution of indemnification obligations by apportioning liability in proportion to each party's contribution to the loss or damage. 4. Anti-Indemnity Statutes: New Jersey has specific statutes that restrict or invalidate certain types of indemnification provisions. For example, under the Construction Industry Independent Contractor Act (CIRCA), indemnification clauses requiring a party to indemnify another for their own negligence are unenforceable in construction contracts. 5. Indemnification for Attorneys' Fees and Costs: In New Jersey, indemnification provisions may also include the reimbursement of attorneys' fees and costs incurred in defending or prosecuting claims related to the indemnified matters. Parties often negotiate and specify the terms surrounding the payment of such fees. Indemnification provisions in New Jersey contracts are aimed at managing risks and ensuring that parties are protected from potential losses or liabilities arising from their actions or obligations. However, it is crucial for parties to carefully review, negotiate, and understand the specific terms included in these provisions to ensure fair and enforceable agreements. It is advisable to seek legal advice when drafting or interpreting indemnification provisions to ensure compliance with New Jersey laws and regulations.