How do I collect an indemnity?

To get an indemnity bond, you'll have to sign an indemnity agreement with the surety. It states that if a bond claim arises, you'll carry the full financial responsibility -- rather than the surety company that has bonded you.

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Indemnity Provisions - Scope of the Indemnity

Suffolk New York Indemnity Provisions - Scope of the Indemnity

Name: Suffolk New York Indemnity Provisions - Scope of the Indemnity
Brand: US Legal Forms
Rating: 4.84 (205 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Suffolk

Control #:

US-ND1008

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline the scope of any indemnity under the contract agreement. Different language options are included to suit individual needs and circumstances.

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How to fill out Suffolk New York Indemnity Provisions - Scope Of The Indemnity?

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FAQ

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.

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Court will not enforce an indemnification provision that indemnifies an indemnitee for its own negligence unless the intention of the parties is clearly and unambiguously expressed. Courts first look for specific language in the contract that address the fault or negligence of the indemnitee.

Tips for Enforcing Indemnification Provisions Identify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities. 2a : indemnification sense 1. b : something that indemnifies. 3 : fee-for-service usually used attributively an indemnity plan.

To get an indemnity bond, you'll have to sign an indemnity agreement with the surety. It states that if a bond claim arises, you'll carry the full financial responsibility -- rather than the surety company that has bonded you.

An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties. By Jennifer Paley. An indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other.

Indemnified Claim means any and all claims, damages, liabilities, costs, losses, and expenses (including reasonable attorneys' fees and all related costs and expenses) arising from or relating to any claim, suit, proceeding, demand, or action brought by you or a third party or other User against an Indemnified Party.

What Is Indemnity? In an insurance context, an indemnity refers to a contractual obligation for one party to provide compensation in the event of losses on the part of another party.

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The contractor is only required to indemnify the owner for the portion of damages that resulted from contractor fault or negligence. It also challenges the scope of the indemnification clause.Discerning no error in the district court's summary judgment analysis, we affirm. An indemnity provision shifts the cost of liability from one contractual party to the other. Department of Health, Education, and Welfare.

Suffolk New York Indemnity Provisions - Scope of the Indemnity

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