Salt Lake Utah Indemnification - Long-Form Provision

Name: Salt Lake Utah Indemnification - Long-Form Provision
Brand: US Legal Forms
Rating: 4.62 (234 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Salt Lake

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.

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For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.

Indemnification clauses are exceedingly common in many contracts, but what you should pay close attention to is the scope of your indemnification agreement. Generally, you should only agree to pay for losses arising from your own actions and not the other party's actions.

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

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.

An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

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.

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 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.

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, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

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The clauses can easily be a page or two in length. In conclusion, the indemnification section can be long and difficult to read.Accretion is the washing up of sand, silt or soil so as to form firm ground, called alluvion. Contractor shall provide indemnification as set forth in the General Conditions. The information in this prospectus is not complete and may be changed. I looked out the front window to see Mak teaching Judy how to ride her new bike.

Salt Lake Utah Indemnification - Long-Form Provision

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