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 - Means of Securing the Payment of the Indemnity

Queens New York Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: Queens New York Indemnity Provisions - Means of Securing the Payment of the Indemnity
Brand: US Legal Forms
Rating: 4.85 (245 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Queens

Control #:

US-ND1014

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline means of securing the funds for payment of any indemnity, including use of an escrow fund or set-offs.

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There are two parties in an indemnity contract, including the indemnitee and indemnifier. The indemnitee is the party that is seeking protection, whereas the indemnifier is the one promising to hold harmless.

Why do I need an indemnity clause? Indemnity clauses are used to manage the risks associated with a contract, because they enable one party to be protected against the liability arising from the actions of another party.

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.

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.

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.

Contractual Liability Coverage The indemnity provision is the key to affording liability coverage to persons other than the insured. Absent an indemnity provision, coverage is available only to those named as insureds under the liability policy.

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.

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.

Indemnity Clause: The purpose of this clause is to ensure that the independent contractor will be held liable for any damage or injury resulting from the independent contractor's work performed under the contract.

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Indemnity clauses are one of the most negotiated (and litigated) provisions in a construction contract. 1.2 The general legal definition of indemnity is as follows: The purpose of indemnity is that in the event of loss the indemnified.Agreed Upon Procedure Engagement has the meaning set out in clause 7.2(a)(i). 1. Title to the estate or interest in the Property described in SCHEDULE A being vested otherwise than as stated therein; 2. The Lawyer's Daily provides legal news, analysis and current awareness for the law community in Canada. 1890Adoption of the scale of voting contained in the Companies Clauses Consolidated Act , 1845 .

Queens New York Indemnity Provisions - Means of Securing the Payment of the Indemnity

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What is the purpose of Queens Indemnity Provisions?

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Can Queens Indemnity Provisions be modified or waived?

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