This form provides boilerplate contract clauses that outline the duration of any indemnity under the contract agreement, particularly for tax or environmental claims.
North Dakota Indemnity Provisions — Duration of the Indemnity refer to specific clauses or sections included in contracts or agreements in the state of North Dakota that outline the duration or time frame for which indemnity obligations apply. These provisions determine how long one party (the indemnity) is responsible for covering the costs, damages, or liabilities incurred by the other party (the indemnity) due to specified events or circumstances. In North Dakota, there may be different types or variations of Indemnity Provisions regarding the duration. Some common names for these provisions could include: 1. Fixed Duration Indemnity: This type of provision sets a specific period during which the indemnity obligations of the parties will remain in effect. For example, it may state that the indemnity will be liable for indemnifying the indemnity for five years from the date of contract execution. 2. Event-Based Indemnity: This provision specifies that the indemnity obligations will be in effect only until a particular event or occurrence takes place. Once the event is completed or resolved, the indemnity ends. For instance, if the contract relates to a construction project, the indemnity may last until the project is completed or the final inspection is passed. 3. Continuous Indemnity: This type of provision means that the indemnity obligations continue for the entire duration of the contract or agreement. It does not have a fixed or event-based expiration. This is often seen in long-term contractual relationships or partnerships where ongoing protection against potential liabilities or risks is required. 4. Termination Clause: While not strictly a duration provision, a termination clause can impact the duration of indemnity obligations. This clause outlines the circumstances under which the contract can be terminated and may include provisions specifying the effect on indemnity obligations upon termination. North Dakota Indemnity Provisions — Duration of the Indemnity safeguard both parties by clearly defining the time frame for which indemnity obligations apply, giving certainty and clarity regarding the extent of liability and the duration of protection. It is crucial for parties entering into agreements in North Dakota to carefully review and negotiate these provisions to align their interests and minimize potential risks and exposure.
