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.
New Mexico Indemnity Provisions — Parties to the Indemnity: In New Mexico, indemnity provisions are an essential component of contracts, particularly in the context of construction and commercial agreements. These provisions aim to allocate the risk of liability between the parties involved, protecting one party (the indemnity) from potential losses or damages caused by the actions or negligence of the other party (the indemnity). There are various types of parties involved in New Mexico indemnity provisions, including: 1. Indemnity: The indemnity is the party who is entitled to receive indemnification or protection from potential losses or liabilities. This party is typically the one seeking to be indemnified, such as an owner, contractor, or subcontractor. 2. Indemnity: The indemnity, often referred to as the indemnifying party, is the party who agrees to provide indemnification to the indemnity. This party agrees to assume the liability or responsibility for any losses, damages, expenses, or legal costs arising out of specified situations or events. 3. Additional Insured: In some cases, the indemnity may require the indemnity to name them as an additional insured on the indemnity's insurance policy. This ensures that the indemnity has coverage under the indemnity's insurance policy and can seek protection in case of any claims or incidents. 4. Subcontractors: In construction projects, subcontractors are often brought in by the main contractor to perform specific tasks or provide services. They may also be required to indemnify the main contractor for any liabilities or losses arising from their work. 5. Suppliers: Suppliers involved in a contract may also be subject to indemnity provisions, wherein they agree to indemnify the parties they are supplying goods or services to for any potential losses or damages caused by their products or services. It is important for parties involved in New Mexico indemnity provisions to carefully review and negotiate the language of these provisions to ensure that the allocation of risk is fair and reasonable. Understanding the roles and responsibilities of each party involved in the indemnity arrangement is crucial for avoiding disputes and potential litigation in the future. Keywords: New Mexico, indemnity provisions, parties to the indemnity, indemnity, indemnity, additional insured, subcontractors, suppliers, liability, risk allocation, construction contracts, commercial agreements, losses, damages, legal costs, negotiations.New Mexico Indemnity Provisions — Parties to the Indemnity: In New Mexico, indemnity provisions are an essential component of contracts, particularly in the context of construction and commercial agreements. These provisions aim to allocate the risk of liability between the parties involved, protecting one party (the indemnity) from potential losses or damages caused by the actions or negligence of the other party (the indemnity). There are various types of parties involved in New Mexico indemnity provisions, including: 1. Indemnity: The indemnity is the party who is entitled to receive indemnification or protection from potential losses or liabilities. This party is typically the one seeking to be indemnified, such as an owner, contractor, or subcontractor. 2. Indemnity: The indemnity, often referred to as the indemnifying party, is the party who agrees to provide indemnification to the indemnity. This party agrees to assume the liability or responsibility for any losses, damages, expenses, or legal costs arising out of specified situations or events. 3. Additional Insured: In some cases, the indemnity may require the indemnity to name them as an additional insured on the indemnity's insurance policy. This ensures that the indemnity has coverage under the indemnity's insurance policy and can seek protection in case of any claims or incidents. 4. Subcontractors: In construction projects, subcontractors are often brought in by the main contractor to perform specific tasks or provide services. They may also be required to indemnify the main contractor for any liabilities or losses arising from their work. 5. Suppliers: Suppliers involved in a contract may also be subject to indemnity provisions, wherein they agree to indemnify the parties they are supplying goods or services to for any potential losses or damages caused by their products or services. It is important for parties involved in New Mexico indemnity provisions to carefully review and negotiate the language of these provisions to ensure that the allocation of risk is fair and reasonable. Understanding the roles and responsibilities of each party involved in the indemnity arrangement is crucial for avoiding disputes and potential litigation in the future. Keywords: New Mexico, indemnity provisions, parties to the indemnity, indemnity, indemnity, additional insured, subcontractors, suppliers, liability, risk allocation, construction contracts, commercial agreements, losses, damages, legal costs, negotiations.
