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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Indemnification - Long-Form Provision

Bexar Texas Indemnification - Long-Form Provision

Name: Bexar Texas Indemnification - Long-Form Provision
Brand: US Legal Forms
Rating: 4.62 (234 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Bexar

Control #:

US-ND2307

Format:

Instant download

Description

This form brings together several boilerplate contract clauses that work together to outline the procedures, restrictions, exclusivity and other aspects of an indemnity provided for under the terms of the contract agreement.

How to fill out Bexar Texas Indemnification - Long-Form Provision?

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FAQ

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.

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.

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.

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.

In negotiating indemnities, it is important to review the clause carefully to understand when the indemnity kicks in and what the scope of the liability is. This will help a party decide if the indemnity is acceptable, or if it needs to be finessed to make it fair for all parties involved.

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.

Enforcement of Contract of Indemnity A contract of indemnity can be invoked according to its terms like the express promise. Damages, legal costs of judgement, the amount paid under the terms of the agreement are some of the claims which Indemnity holder can include in its claims.

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.

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.

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Indemnity clauses are one of the most negotiated (and litigated) provisions in a construction contract. WHEREAS, such conditions now exist in the District, specifically.By completing this step you process the assembly questions which draft the legal language of the form depending upon your answers and built-in logic. Donald Pieper (Denver, Colorado). The correct format in which to write a …. 228487: Local Authority Name: Cornwall: Local Authority Code: ….

Bexar Texas Indemnification - Long-Form Provision

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