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.
Wisconsin Indemnity Provisions — Exclusivity of Indemnity as a Remedy In Wisconsin, indemnity provisions play an important role in contracts and legal agreements. These provisions offer protection to parties involved in a transaction and determine the allocation of responsibility for losses or damages that may occur. One particular aspect of Wisconsin indemnity provisions is the concept of exclusivity of indemnity as a remedy. Exclusivity of indemnity as a remedy refers to the principle that indemnity is the sole remedy available to parties seeking compensation for losses or damages. In other words, if an indemnity provision exists in a contract, it typically restricts the injured party from pursuing additional legal remedies, such as filing a lawsuit or seeking punitive damages. This provision aims to streamline the resolution process and avoid extensive litigation by holding parties accountable according to the terms of the indemnity agreement. It provides clarity and certainty regarding the available remedies in case of any losses or damages that arise during the course of a transaction. It is important to note that exclusivity of indemnity as a remedy may vary depending on the specific type of indemnity provision incorporated into a contract. Different types of Wisconsin indemnity provisions include: 1. Broad Form Indemnification: This type of indemnity provision places a significant burden on the indemnity to assume almost all liability arising from the transaction. It covers both direct and indirect losses or damages and often includes legal fees and expenses. 2. Intermediate Form Indemnification: Intermediate form indemnity provisions strike a balance between broad and limited forms. The indemnity assumes liability only for losses or damages resulting from their own negligence or misconduct, rather than for any and all claims. 3. Limited Form Indemnification: Limited form indemnity provisions limit the indemnity's liability to losses or damages that are directly caused by their own actions or omissions. This provision typically excludes liability for losses or damages resulting from the sole negligence of the injured party. 4. No-Indemnity Provision: In some cases, contracts may not include any indemnity provision, meaning parties will have to rely solely on common law remedies to seek compensation for any losses or damages incurred. By understanding the various types of indemnity provisions available in Wisconsin, parties can negotiate and draft contracts that best protect their interests. It is crucial to consult with legal professionals familiar with Wisconsin law to ensure the inclusion of appropriate indemnity provisions and to understand the exclusivity of indemnity as a remedy under specific circumstances.
