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.
Indemnity Provisions - Exclusivity of Indemnity as a Remedy
Category:
State:
Multi-State
Control #:
US-ND1012
Format:
Word;
PDF
Instant download
Description
How to fill out Indemnity Provisions - Exclusivity Of Indemnity As A Remedy?
When it comes to drafting a legal document, it is easier to leave it to the specialists. Nevertheless, that doesn't mean you yourself can’t get a sample to use. That doesn't mean you yourself cannot find a template to use, however. Download Indemnity Provisions - Exclusivity of Indemnity as a Remedy straight from the US Legal Forms site. It offers numerous professionally drafted and lawyer-approved documents and samples.
For full access to 85,000 legal and tax forms, users simply have to sign up and choose a subscription. After you’re registered with an account, log in, search for a certain document template, and save it to My Forms or download it to your device.
To make things easier, we have incorporated an 8-step how-to guide for finding and downloading Indemnity Provisions - Exclusivity of Indemnity as a Remedy fast:
- Make confident the document meets all the necessary state requirements.
- If available preview it and read the description before purchasing it.
- Press Buy Now.
- Choose the appropriate subscription for your needs.
- Make your account.
- Pay via PayPal or by debit/credit card.
- Choose a preferred format if a few options are available (e.g., PDF or Word).
- Download the document.
As soon as the Indemnity Provisions - Exclusivity of Indemnity as a Remedy is downloaded you are able to complete, print out and sign it in any editor or by hand. Get professionally drafted state-relevant documents in a matter of seconds in a preferable format with US Legal Forms!
Form popularity
FAQ
Indemnity is not an appropriate remedy for claims, such as breach of contract claims, involving only the parties to the contract. In most instances, even without contractual indemnity, the law in nearly all states (including Illinois) will impose proportionate liability on the culpable party or parties.
Whether or not your company is small and large, tech or professional, indemnification clauses can be useful. These clauses are typically used when either: a business wants to guarantee it's service or product; or. a business wants to protect itself from liability, especially in cases of sub-contractors.
Company/Business/Individual Name shall fully indemnify, hold harmless and defend _______ and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not
A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.
You should look to limit indemnification clauses by narrowing their scope, putting in caps on damages, and clearly defining the indemnifiable acts (i.e. the representations and warranties in the example above). Also consider purchasing insurance as a means to limit your financial risk.
Common law indemnity is an equitable remedy that arises out of obligations imposed through special relationships, but contractual indemnity is not concerned with "special relationships" or vicarious, constructive, derivative or technical liability; it is concerned with the express terms of the agreement to indemnify...
As the name suggests, an indemnification as an exclusive remedy provision means that the right to indemnification provided under the M&A agreement is the parties' exclusive remedy for any breach of the representations, warranties, covenants, agreements, and obligations in the M&A agreement.
Building Blocks of an Indemnification Clause. Typical indemnification provisions will be long sentences with many clauses, legal-sounding words, and long lists of specific details. Insurance Implications and Other Contractual Matters. Other Technical Elements of an Indemnification Provision. Takeaway.
To indemnify means to compensate someone for his/her harm or loss. 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.
