This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Colorado Indemnification of Lessor
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Multi-State
Control #:
US-OG-801
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Word;
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How to fill out Indemnification Of Lessor?
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FAQ
Indemnification clauses are generally enforceable, but there are important qualifications.
If the indemnification condition is found to be proper, this usually means that the party has relinquished their right to damages in a lawsuit. Regardless, if the indemnification provision wasn't proper, a lawsuit can actually be filed against the other party.
Primary tabs. To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
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 terms of an indemnification agreement ensure that you are not held liable for any contract-related loss or damage outside of your control.
The indemnification clause is a crucial element in commercial contracts as it helps mitigate the risks and consequences associated with potential breaches of contracts. This clause also ensures that the parties are fairly compensated for their losses and helps maintain a stable and predictable business relationship.
?Indemnify,? on the other hand, means that if the landlord is sued by the injured customer, the tenant agrees to reimburse them for costs incurred as a result of the lawsuit. ?Defend,? however, means that tenant is responsible for defending the landlord from lawsuits.
§ 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.