This is a Contractor Indemnification form, to be used across the United States. It is used to protect yourself against lawsuits by a Contractor's Employees.
Colorado Contractor Indemnification
Category:
State:
Multi-State
Control #:
US-CGMCA-19
Format:
Word;
Rich Text
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FAQ
§ 13-21-111.5. The Colorado anti-indemnity law limits a defendant's liability to ?the degree or percentage of the negligence or fault attributable? to the defendant.
States enacted them to fight an imbalance of negotiating power between upstream and downstream entities. They protect indemnitors from taking on more than their fair share of the risk. Anti-indemnity legislation largely targets the construction industry with 45 states having statutes.
An anti-indemnity statute is a law defining how much risk can be transferred between parties in a contract and is oftentimes used in construction contracts. An anti-indemnity statute protects sub-contractors from risks they take on from a primary contractor.
Many clients insist on unilateral indemnification clauses, basically putting all potential liability solely on a contractor's shoulders. The latter should insist on a mutual indemnification clause, where both parties are responsible for liabilities that arise out of their own fault.
Thus, it is critical for every contractor to understand the meaning of indemnification before executing a contract. An indemnification provision is a contractual provision under which one party (the indemnitor) agrees to assume liability for the losses incurred by another party (the indemnitee).
Blinder, Robinson & Co., the Colorado Supreme Court defined an indemnity agreement as ?[a]n agreement by one person to hold another person harmless from such loss or damage as may be specified in the agreement.?19 If ?indemnify? and ?hold harmless? are synonymous, the term ?hold harmless? is unnecessary in an indemnity ...
The Colorado anti-indemnity law limits a defendant's liability to ?the degree or percentage of the negligence or fault attributable? to the defendant. Pursuant to this law, the forms limit liability coverage to injury or damage caused by the insured, or by those acting on the insured's behalf.
In its most basic sense, an indemnification provision is a clause in which a party agrees to compensate another party for a loss or damage sustained. entities, an indemnification provision in a special district contract is problematic because the provision may create an open-ended obligation on the use of public money.