What is the purpose of an indemnity clause in a contract?

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

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Indemnity Provisions - Procedural Issues

Hillsborough Florida Indemnity Provisions - Procedural Issues

Name: Hillsborough Florida Indemnity Provisions - Procedural Issues
Brand: US Legal Forms
Rating: 4.76 (492 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Hillsborough

Control #:

US-ND1013

Format:

Instant download

Description

This form provides boilerplate contract clauses that cover procedural issues with regards to indemnity in both third-party and non-third-party claims. Several different language options are included to suit individual needs and circumstances.

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How to fill out Hillsborough Florida Indemnity Provisions - Procedural Issues?

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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.

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.

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.

Key Takeaways. Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

The prevailing interpretation is that hold harmless and indemnify are synonymous. However, under the minority view, hold harmless requires payment of both actual losses and potential liabilities, while indemnify protects against incurred losses only.

This is essentially an I'll protect your back clause, making the party giving the indemnity responsible to pay back the other party for things they might do wrong, bringing harm to the first party. You may also know that most contracts also include a separate limitation on liability clause.

At their core, indemnification provisions transfer liabilities related to a claim from one party to another party, generally in the event of a breach of contract or a party's negligence or misconduct in the performance of the agreement.

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Hillsborough Florida Indemnity Provisions - Procedural Issues

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