Collin Texas Sample Environmental Indemnity Agreement is a legal document that outlines the rights and responsibilities of the parties involved in a real estate transaction, particularly in Collin County, Texas. This agreement serves to protect the parties from potential environmental liabilities and compensate for any damages caused by environmental hazards. The Collin Texas Sample Environmental Indemnity Agreement typically includes the following key provisions: 1. Parties: This section identifies the parties involved in the agreement, including the property owner, buyer, and any other relevant parties. 2. Property Description: It includes a detailed description of the property under consideration, including its address, legal description, and any other pertinent information. 3. Environmental Conditions: This section outlines the environmental conditions of the property, including any known or suspected contamination, hazardous materials, or other environmental hazards. It may also mention any existing environmental reports or assessments. 4. Indemnification: The indemnification clause specifies the party responsible for covering costs related to environmental contamination or hazards. It may include provisions for legal fees, cleanup costs, and any damages incurred as a result of non-compliance with environmental laws and regulations. 5. Representations and Warranties: The agreement may include representations and warranties made by the seller regarding the property's environmental condition, compliance with environmental laws, and any known or potential issues. 6. Due Diligence: The agreement may require the buyer to conduct due diligence to investigate the property's environmental condition, including conducting environmental assessments, site investigations, or obtaining Phase I or Phase II environmental studies. 7. Insurance: The agreement may address the need for environmental insurance coverage and stipulate which party is responsible for obtaining and maintaining such coverage. 8. Governing Law: This section specifies which state's laws govern the agreement, typically stating that it falls under the jurisdiction of the state of Texas, more specifically Collin County. Types of Collin Texas Sample Environmental Indemnity Agreements: 1. Standard Collin Texas Sample Environmental Indemnity Agreement: This is the most common type of agreement where parties address typical environmental risks and indemnification provisions. 2. Tailored Collin Texas Sample Environmental Indemnity Agreement: This type of agreement is customized to address specific environmental concerns or unique circumstances associated with the property in question. It may include additional provisions or specific remedies that align with the property's particular environmental condition. In conclusion, the Collin Texas Sample Environmental Indemnity Agreement is a crucial legal document that safeguards parties involved in a real estate transaction against potential environmental liabilities. It outlines the responsibilities, indemnification terms, and other provisions deemed necessary to protect both the buyers and sellers in Collin County, Texas.
Collin Texas Sample Environmental Indemnity Agreement
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An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c
When a lender loans money for a real estate transaction, the lending entity must account for potentially hazardous environmental conditions in or on the secured property. Frequently, lenders enter environmental indemnity agreements which identify how the risk of any such conditions will be parceled out.
For the indemnifying party, the obligation to defend consists of both: An obligation. The indemnifying party must: Reimburse paid defense costs and expenses. Make advance payment for unpaid defense costs and expenses. A right. The indemnifying party has the right to assume and control the defense of the third-party suit.
An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.
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.
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
Intermediate indemnity is the most common form of indemnity. With intermediate indemnity the indemnitor assumes liability if it has contributed to the fault. If the indemnitee is solely at fault, the indemnitor is not liable.
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
There are three levels of indemnification broad, intermediate and limited form: Broad Form Indemnity.Intermediate Form Indemnity.Limited Form Indemnity.Validity of Indemnity Provisions.State-by-State Case.Operations in Multiple States.Insurance Considerations.
"Each party agrees to indemnify, defend, and hold harmless the other party from and against any loss, cost, or damage of any kind (including reasonable outside attorneys' fees) to the extent arising out of its breach of this Agreement, and/or its negligence or willful misconduct."
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Work Performance. The project work is not yet in good enough condition to be awarded the scope of work contract, but there is sufficient detail to enable the Contractor the opportunity to bid and win the overall project without any award-in-fault or contract cancellation. 3. Cost Performance. The cost contract was awarded based on the most complete and best value basis available for the scope of work being performed, at the bid price agreed upon. The total estimate in excess of budget is known to the Contractor and is in good faith cost recovery. 4. Product Delivery. The project is moving towards the anticipated delivery of the completed project by the Contractor, but will be at least 12 months from submission of work requirements to delivery, unless it is otherwise specified in the scope document. 5. Performance of the Contractor's obligations: The Contractor is responsible for achieving the contracted scope(s) as agreed within the scope of work as specified in the scope document.
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