Travis Texas Indemnification - Long-Form Provision

State:
Multi-State
County:
Travis
Control #:
US-ND2307
Format:
Word; 
PDF
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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.

Travis Texas Indemnification — Long-Form Provision is a legal provision that safeguards parties involved in a contract against potential losses, damages, expenses, liabilities, or claims arising from their actions or omissions. This provision is commonly included in various types of agreements, such as commercial contracts, lease agreements, partnership agreements, or mergers and acquisitions. In its most basic form, the Travis Texas Indemnification — Long-Form Provision involves one party (the indemnity) accepting responsibility for indemnifying and protecting another party (the indemnity) from any losses incurred due to specified events or circumstances. These events or circumstances may include breach of contract, intellectual property infringement, negligence, third-party claims, or violations of laws or regulations. There are different types of Travis Texas Indemnification — Long-Form Provisions, each tailored to specific contractual needs and individual parties' preferences. Here are a few variations commonly encountered: 1. Broad Form Indemnity: This type provides extensive coverage to the indemnity, obligating the indemnity to indemnify them for all losses, damages, liabilities, and expenses arising from any cause, excluding those caused intentionally by the indemnity. 2. Intermediate Form Indemnity: This provision strikes a balance between broad and limited coverage. It typically covers losses caused by the indemnity's negligence or breaches of representations and warranties but excludes losses arising from the indemnity's intentional conduct. 3. Limited Form Indemnity: This type limits the indemnity's liability to specific identified risks or circumstances, typically stated explicitly in the provision. The indemnification obligations are confined to losses directly resulting from those specified events. 4. Reciprocal Indemnity: In some cases, both parties may agree to indemnify each other. This reciprocal arrangement ensures that both parties are protected from any potential liabilities or losses resulting from their respective actions. When drafting a Travis Texas Indemnification — Long-Form Provision, it is vital to consider various factors, such as the nature of the agreement, the parties' bargaining power, the degree of risk involved, and relevant laws and regulations. Consulting with legal professionals experienced in contract law is crucial to ensure the provision aligns with the specific needs and protects the parties adequately.

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FAQ

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.

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.

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.

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.

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.

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.

There are three levels of indemnification broad, intermediate and limited form: Broad Form Indemnity.Intermediate Form Indemnity.Limited Form Indemnity.Validity of Indemnity Provisions.State-by-State Case.Operations in Multiple States.Insurance Considerations.

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

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.

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Travis Texas Indemnification - Long-Form Provision