King Washington Indemnity Provisions - Duration of the Indemnity

Name: King Washington Indemnity Provisions - Duration of the Indemnity
Brand: US Legal Forms
Rating: 4.71 (442 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

King

Control #:

US-ND1009

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline the duration of any indemnity under the contract agreement, particularly for tax or environmental claims.

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How to fill out King Washington Indemnity Provisions - Duration Of The Indemnity?

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FAQ

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.

Survival periods for breaches of representations and warranties tend to range from between six months and two years after the closing; however, the survival period for certain fundamental representations and warranties will often be longer and sometimes indefinite.

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.

Most states hold that indemnity provisions are enforceable as written. These clauses will likely be construed in accordance with the rules of construction that apply to contracts generally. However, the freedom to contract will be limited by Courts who will disallow contracts in contravention of public policy.

Similarly, your indemnification obligations may not expire at the end of the contract term, even if your client terminates the agreement. You may also be required to continue to purchase certain insurance coverages especially design liability insurance even though the contract has otherwise been closed-out.

Survival. Indemnification obligations survive closing meaning the obligations remain in effect even after you close the deal and collect the purchase price. The survival period for the representations and warranties made in the purchase agreement usually ranges from six months to two years.

The period of indemnity is the length of time the insurance company is obligated to make payments to cover the losses insured under the policy. Typically, an indemnity period will have a time limit stated within the policy, such as 12, 24, or 36 months.

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The hold- harmless agreement14 was held sufficient to allow indemnity. LLC ("Hospital Corp.A warranty is a contractual assurance from a seller to a buyer. Recoverable damages are specific types of damages listed in the indemnification clause. Indemnity clauses are one of the most negotiated (and litigated) provisions in a construction contract. The requirements for dependency and indemnity compensation benefits under the provisions of 38 U.S.C. 418 have not been met. Cigna, a global health service company, offers health, pharmacy, dental, supplemental insurance and Medicare plans to individuals, families, and businesses. All these definitions point out the nature of indemnity as a risk shifter. Welcome to the Hong Kong Institute of Certified Public Accountants (HKICPA) members' area for International Standards. Contractor against liability to the Owner.

King Washington Indemnity Provisions - Duration of the Indemnity

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