This form provides boilerplate contract clauses that restrict or limit the dollar exposure of any indemnity under the contract agreement. Several different language options are included to suit individual needs and circumstances.
Mecklenburg County, located in the state of North Carolina, implements indemnity provisions to protect parties involved in various contractual agreements. In particular, the Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings is a crucial aspect of these provisions. Indemnity provisions are contractual clauses that allocate the responsibility for potential losses, damages, or liabilities between parties involved in an agreement. By outlining the Dollar Exposure of the Indemnity, Mecklenburg County aims to establish the maximum financial liability that one party could potentially face. Baskets: The concept of baskets in Mecklenburg County's indemnity provisions refers to a specific threshold or deductible that must be reached before the indemnity (the party providing the indemnity) becomes responsible for indemnifying the indemnity (the party being indemnified). Once the damages or losses exceed this threshold, the indemnity becomes obligated to provide compensation. Caps: In the context of Mecklenburg County's indemnity provisions, caps refer to the maximum amount of liability that an indemnity can be held accountable for. When damages or losses surpass the predetermined cap, the indemnity's responsibility ceases, and any further compensation must be sought elsewhere. Ceilings: The term ceilings in Mecklenburg County's indemnity provisions pertains to an upper limit set on the total indemnity amount that can be claimed. This limit represents the maximum financial liability the indemnity can be responsible for, regardless of the actual damages or losses incurred. Once the indemnity reaches this ceiling, the indemnity is no longer obligated to provide compensation. The different types of Mecklenburg North Carolina Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings can vary based on the specific agreements involved. Some agreements may have clauses with no baskets, meaning that the indemnity is responsible for indemnifying the indemnity from the first dollar of loss or damage. Others may have thresholds, deductibles, or percentage-based baskets that determine the indemnity's liability. Similarly, caps and ceilings can vary depending on the nature of the agreement and the parties' negotiations. Overall, Mecklenburg County's Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings establish a framework to limit financial liability and ensure fair allocation of risks between parties involved in contractual agreements.Mecklenburg County, located in the state of North Carolina, implements indemnity provisions to protect parties involved in various contractual agreements. In particular, the Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings is a crucial aspect of these provisions. Indemnity provisions are contractual clauses that allocate the responsibility for potential losses, damages, or liabilities between parties involved in an agreement. By outlining the Dollar Exposure of the Indemnity, Mecklenburg County aims to establish the maximum financial liability that one party could potentially face. Baskets: The concept of baskets in Mecklenburg County's indemnity provisions refers to a specific threshold or deductible that must be reached before the indemnity (the party providing the indemnity) becomes responsible for indemnifying the indemnity (the party being indemnified). Once the damages or losses exceed this threshold, the indemnity becomes obligated to provide compensation. Caps: In the context of Mecklenburg County's indemnity provisions, caps refer to the maximum amount of liability that an indemnity can be held accountable for. When damages or losses surpass the predetermined cap, the indemnity's responsibility ceases, and any further compensation must be sought elsewhere. Ceilings: The term ceilings in Mecklenburg County's indemnity provisions pertains to an upper limit set on the total indemnity amount that can be claimed. This limit represents the maximum financial liability the indemnity can be responsible for, regardless of the actual damages or losses incurred. Once the indemnity reaches this ceiling, the indemnity is no longer obligated to provide compensation. The different types of Mecklenburg North Carolina Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings can vary based on the specific agreements involved. Some agreements may have clauses with no baskets, meaning that the indemnity is responsible for indemnifying the indemnity from the first dollar of loss or damage. Others may have thresholds, deductibles, or percentage-based baskets that determine the indemnity's liability. Similarly, caps and ceilings can vary depending on the nature of the agreement and the parties' negotiations. Overall, Mecklenburg County's Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings establish a framework to limit financial liability and ensure fair allocation of risks between parties involved in contractual agreements.
