North Carolina Indemnities
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How to fill out Indemnities?
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FAQ
A Survival clause may provide that certain representations and warranties expire at closing while others survive indefinitely or expire at different times following the closing.
How long does the indemnity last? For issues that are non-fundamental (not representative of the very core of the deal) there typically will be an end date to the indemnification. These clauses might expire 12-24 months after the deal closes.
Indemnity insurance can last indefinitely, since it is tied to the property not the owners. Any new owners will continue to be covered. However, this may change if the property significantly increases in price.
North Carolina's anti-indemnity statute declares that any provision in a construction or design professional contract that requires a party (promisor) to indemnify another (promisee) for the promisee's or its derivative parties' own negligence, whether in whole or in part, is against public policy, void, and ...
Put simply, no, an indemnity is not required to recover loss suffered under a contract. If a party has suffered loss under a contract and there is no indemnity to rely on, a party can rely on their rights under common law to make a claim for damages against the breaching party to recover the loss suffered.
The importance of the parties' intentions is reflected by the fact that substantive clauses (such as restraint of trade and confidentiality clauses) are often drafted in a manner that clarifies that they survive a termination of a contract.
Since a party might not become aware of these claims until after the contract termination, those indemnification provisions should survive termination. That way, a party faced with a claim months after contract termination still can pursue indemnification from the other party.
Indemnification in Contracts They reduce the legal hurdles to recover more. Generally speaking, they're easier to enforce because the indemnity creates an express remedy in the contract for payment of money: for a breach of a contractual promise: a warranty, innominate term or a condition.
