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.
Mississippi Indemnity Provisions - Exclusivity of Indemnity as a Remedy
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US-ND1012
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How to fill out Indemnity Provisions - Exclusivity Of Indemnity As A Remedy?
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Homeowner sued Pulte and Parex for defective stucco. Pulte was the home builder and Parex was the manufacturer. Pulte cross-claimed against Parex. Parex moves to dismiss the indemnification claim on the theory that there is no contract between the parties and therefore, no right to indemnification. Indemnity Cases Summarized |Alexandria Accident Lawyer brienrochelaw.com ? tort-law ? tort-case-law brienrochelaw.com ? tort-law ? tort-case-law
Hear this out loud PauseIndemnities have the effect of creating a legal remedy to put the indemnified person in a position where they have not suffered loss or damage. That's what indemnity liability means. That's what indemnity claims are geared to protect against: they provide a legal remedy to guard against loss.
Hear this out loud PauseIn an Exclusive Remedy Clause (the ?Clause?), the parties to a merger agree that the indemnification provisions included in the merger agreement are the exclusive remedy for causes of action arising from the merger, the merger agreement, and the terms therein.
Hear this out loud PauseExample: Third Party Indemnity Clause The service provider shall indemnify the customer against all actions, claims, losses and expenses in respect of loss or damage to third party property arising from the services supplied by the service provider.
Hear this out loud PauseAn 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.
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. Indemnification Clause: Meaning & Samples (2022) Contracts Counsel ? indemnification-cl... Contracts Counsel ? indemnification-cl...
For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement. Indemnity: What It Means in Insurance and the Law - Investopedia investopedia.com ? terms ? indemnity investopedia.com ? terms ? 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). Indemnification Clause Sample | Bloomberg Law Bloomberg Law ? brief ? indemnificatio... Bloomberg Law ? brief ? indemnificatio...
