This form provides boilerplate contract clauses that outline means of securing the funds for payment of any indemnity, including use of an escrow fund or set-offs.
Ohio's indemnity provisions refer to clauses in legal contracts or agreements that aim to secure the payment of indemnity in case of specified losses, damages, or liabilities. These provisions are designed to protect one party (the indemnified party) from bearing the financial burdens resulting from certain risks, actions, or events caused by the other party (the indemnifying party). Here are different types of Ohio indemnity provisions that can be used to secure the payment of indemnity: 1. General Indemnity Provision: This type of indemnity provision typically states that one party will indemnify and hold harmless the other party from any losses, damages, claims, or liabilities arising out of a specified event or circumstance, such as a breach of contract, negligence, or violation of laws. The indemnifying party must cover the costs associated with such claims or damages. 2. Limited Indemnity Provision: This provision sets limits or caps on the indemnity amount that one party is liable to pay in case of a loss or damage. It may specify the maximum amount or a percentage of the total losses that the indemnifying party would be responsible for. 3. Mutual Indemnity Provision: In certain cases, both parties in a contract may agree to indemnify and hold harmless each other from specified risks, losses, or liabilities. This provision ensures that both parties are protected against potential damages or claims resulting from their actions or omissions. 4. Third-Party Indemnity Provision: This type of indemnity provision states that one party will indemnify and hold harmless the other party from any losses, claims, or liabilities arising from the actions or negligence of a third party. For example, if a subcontractor causes damage on a project, the indemnifying party would be responsible for covering the resulting costs. 5. Reciprocal Indemnity Provision: This provision is commonly found in construction contracts or joint venture agreements, where multiple parties agree to indemnify each other against losses, claims, or liabilities arising from their respective actions or responsibilities. This ensures that all parties share the financial risks associated with the project or venture. 6. Indemnity Provision with Defense: This type of provision not only requires the indemnifying party to cover damages or losses but also assumes the responsibility for providing a legal defense to the indemnified party in case of litigation or claims arising from the specified events or circumstances. 7. Duration and Termination of Indemnity Provision: These provisions establish the duration of the indemnity obligations and specify the circumstances under which indemnity obligations may terminate, such as expiration of the contract, completion of a project, or fulfillment of specific conditions. Overall, Ohio indemnity provisions play a crucial role in managing risk allocation between parties involved in a legal contract or agreement. It is important for parties to carefully review and negotiate these provisions to ensure fair and adequate protection against potential losses or liabilities.Ohio's indemnity provisions refer to clauses in legal contracts or agreements that aim to secure the payment of indemnity in case of specified losses, damages, or liabilities. These provisions are designed to protect one party (the indemnified party) from bearing the financial burdens resulting from certain risks, actions, or events caused by the other party (the indemnifying party). Here are different types of Ohio indemnity provisions that can be used to secure the payment of indemnity: 1. General Indemnity Provision: This type of indemnity provision typically states that one party will indemnify and hold harmless the other party from any losses, damages, claims, or liabilities arising out of a specified event or circumstance, such as a breach of contract, negligence, or violation of laws. The indemnifying party must cover the costs associated with such claims or damages. 2. Limited Indemnity Provision: This provision sets limits or caps on the indemnity amount that one party is liable to pay in case of a loss or damage. It may specify the maximum amount or a percentage of the total losses that the indemnifying party would be responsible for. 3. Mutual Indemnity Provision: In certain cases, both parties in a contract may agree to indemnify and hold harmless each other from specified risks, losses, or liabilities. This provision ensures that both parties are protected against potential damages or claims resulting from their actions or omissions. 4. Third-Party Indemnity Provision: This type of indemnity provision states that one party will indemnify and hold harmless the other party from any losses, claims, or liabilities arising from the actions or negligence of a third party. For example, if a subcontractor causes damage on a project, the indemnifying party would be responsible for covering the resulting costs. 5. Reciprocal Indemnity Provision: This provision is commonly found in construction contracts or joint venture agreements, where multiple parties agree to indemnify each other against losses, claims, or liabilities arising from their respective actions or responsibilities. This ensures that all parties share the financial risks associated with the project or venture. 6. Indemnity Provision with Defense: This type of provision not only requires the indemnifying party to cover damages or losses but also assumes the responsibility for providing a legal defense to the indemnified party in case of litigation or claims arising from the specified events or circumstances. 7. Duration and Termination of Indemnity Provision: These provisions establish the duration of the indemnity obligations and specify the circumstances under which indemnity obligations may terminate, such as expiration of the contract, completion of a project, or fulfillment of specific conditions. Overall, Ohio indemnity provisions play a crucial role in managing risk allocation between parties involved in a legal contract or agreement. It is important for parties to carefully review and negotiate these provisions to ensure fair and adequate protection against potential losses or liabilities.
