This form provides boilerplate contract clauses that define the exclusivity or nonexclusivity of indemnity as a remedy under the terms of the contract agreement. Different language options for exclusivity and nonexclusivity are included.
New Mexico Indemnity Provisions — Exclusivity of Indemnity as a Remedy are legal clauses that address the extent to which indemnification can be sought for losses or damages in contractual agreements. These provisions determine the rights and obligations of the parties involved in the contract and govern the exclusivity of indemnity as a remedy for any breach or harm caused. In New Mexico, there are different types of indemnity provisions that can be incorporated into contracts based on the specific needs and preferences of the parties involved. One type of New Mexico indemnity provision is "Broad Form Indemnity." This provision requires one party (the indemnity) to indemnify, defend, and hold harmless the other party (the indemnity) from all claims, losses, damages, and liabilities, including those arising out of the indemnity's negligence or fault. With broad form indemnity, the indemnity assumes a higher level of responsibility and is required to fully compensate the indemnity regardless of fault. Another type of indemnity provision is "Limited Form Indemnity." This provision limits the indemnity obligation to the extent of the indemnity's negligence or fault. Unlike broad form indemnity, limited form indemnity only requires the indemnity to indemnify the indemnity for damages caused by their own negligence, omission, or intentional misconduct. This provision mitigates the indemnity's liability, as their obligation to indemnify is limited to their own wrongdoing. Furthermore, "Intermediate Form Indemnity" combines elements of both broad and limited form indemnity provisions. This type of provision requires the indemnity to indemnify the indemnity for damages caused by the indemnity's negligence, but excludes damages arising from the indemnity's own negligence or intentional misconduct. Intermediate form indemnity strikes a balance between the broad and limited forms and limits the indemnity's liability to their own acts of negligence or fault. It is important to note that in New Mexico, there might be statutory limitations on indemnity provisions in certain industries or types of contracts. For example, construction contracts may have specific regulations regarding indemnity obligations between contractors, subcontractors, and owners. Parties should consult the applicable laws and regulations or seek legal advice to ensure the specific indemnity provisions comply with all relevant requirements. In conclusion, New Mexico Indemnity Provisions — Exclusivity of Indemnity as a Remedy dictate the scope and exclusivity of indemnity as a remedy in contractual agreements. Different types of indemnity provisions, such as broad form, limited form, and intermediate form, offer varying levels of indemnification based on the parties' responsibilities and fault. Compliance with relevant laws and industry regulations is crucial when incorporating indemnity provisions into contracts in New Mexico.New Mexico Indemnity Provisions — Exclusivity of Indemnity as a Remedy are legal clauses that address the extent to which indemnification can be sought for losses or damages in contractual agreements. These provisions determine the rights and obligations of the parties involved in the contract and govern the exclusivity of indemnity as a remedy for any breach or harm caused. In New Mexico, there are different types of indemnity provisions that can be incorporated into contracts based on the specific needs and preferences of the parties involved. One type of New Mexico indemnity provision is "Broad Form Indemnity." This provision requires one party (the indemnity) to indemnify, defend, and hold harmless the other party (the indemnity) from all claims, losses, damages, and liabilities, including those arising out of the indemnity's negligence or fault. With broad form indemnity, the indemnity assumes a higher level of responsibility and is required to fully compensate the indemnity regardless of fault. Another type of indemnity provision is "Limited Form Indemnity." This provision limits the indemnity obligation to the extent of the indemnity's negligence or fault. Unlike broad form indemnity, limited form indemnity only requires the indemnity to indemnify the indemnity for damages caused by their own negligence, omission, or intentional misconduct. This provision mitigates the indemnity's liability, as their obligation to indemnify is limited to their own wrongdoing. Furthermore, "Intermediate Form Indemnity" combines elements of both broad and limited form indemnity provisions. This type of provision requires the indemnity to indemnify the indemnity for damages caused by the indemnity's negligence, but excludes damages arising from the indemnity's own negligence or intentional misconduct. Intermediate form indemnity strikes a balance between the broad and limited forms and limits the indemnity's liability to their own acts of negligence or fault. It is important to note that in New Mexico, there might be statutory limitations on indemnity provisions in certain industries or types of contracts. For example, construction contracts may have specific regulations regarding indemnity obligations between contractors, subcontractors, and owners. Parties should consult the applicable laws and regulations or seek legal advice to ensure the specific indemnity provisions comply with all relevant requirements. In conclusion, New Mexico Indemnity Provisions — Exclusivity of Indemnity as a Remedy dictate the scope and exclusivity of indemnity as a remedy in contractual agreements. Different types of indemnity provisions, such as broad form, limited form, and intermediate form, offer varying levels of indemnification based on the parties' responsibilities and fault. Compliance with relevant laws and industry regulations is crucial when incorporating indemnity provisions into contracts in New Mexico.
