Indiana Indemnification Provisions
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FAQ
The buyer and seller will then negotiate the 'caps' to these representations; that is, the maximum amount of money the buyer can recoup from the seller if it turns out that these representations are not accurate. Indemnification Caps: Typically, small market transactions have caps equal to 50% of the purchase price.
Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
Section 26-2-5-1 - "Construction or design contract"; indemnity agreements against public policy as void and unenforceable; exceptions (a) As used in this section, "construction or design contract" includes a design-build contract under which all of the following for the same project are included: (1) Architectural, ...
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
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.
Example 1: A service provider asking their customer to indemnify them to protect against misuse of their work product. Example 2: A rental car company, as the rightful owner of the car, having their customer indemnify them from any damage caused by the customer during the course of the retnal.
Under Indiana law, ?[a]n indemnity agreement involves a promise by one party (the indemnitor) to reimburse another party (the indemnitee) for the indemnitee's loss, damage, or liability.?[1] Despite this relatively simple definition, indemnification provisions in contracts are often referred to as ?gotcha? provisions, ...
