This form provides boilerplate contract clauses that define the exclusivity or nonexclusivity of indemnity as a remedy under the terms of the contract agreement. Different language options for exclusivity and nonexclusivity are included.
Iowa Indemnity Provisions - Exclusivity of Indemnity as a Remedy
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Multi-State
Control #:
US-ND1012
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Word;
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How to fill out Indemnity Provisions - Exclusivity Of Indemnity As A Remedy?
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FAQ
Equitable indemnity principles govern the allocation of loss or damages among multiple tortfeasors whose liability for the underlying injury is joint and several. Equitable indemnity is designed to apportion liability among joint tortfeasors in direct proportion to their respective fault.
Essentially, exclusive remedy provisions restrict a party's available remedies for specified claims to the remedies set out in the contract and exclude the party from seeking other types of remedies for that action.
The Exclusive Remedy clause reduces the amount a party may owe for a breach of a representation, warranty or covenant by making the negotiated indemnification provisions the exclusive remedy for causes of action arising from the acquisition.
An action for indemnification is a legal proceeding in which one party seeks to recover compensation or reimbursement from another party for losses or damages the first party has suffered.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
It's an additional promise which applies over and above an ordinary claim for damages for breach of contract. They recompense the indemnified person for any loss or liability which one person incurs against specified events within the terms of the indemnity.
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
