This form brings together several boilerplate contract clauses that work together to outline the procedures, restrictions, exclusivity and other aspects of an indemnity provided for under the terms of the contract agreement.
The New Jersey Indemnification — Long-Form Provision is a legal clause that offers protection to individuals or businesses involved in a contractual agreement in the state of New Jersey. This provision outlines the terms and conditions under which one party agrees to indemnify and hold harmless the other party for any potential losses, damages, or liabilities that may arise from their contractual relationship. Keywords: New Jersey, indemnification, long-form provision, contractual agreement, protection, terms and conditions, indemnify, hold harmless, losses, damages, liabilities. There are various types of New Jersey Indemnification — Long-Form Provisions that can be customized based on the specific needs and requirements of the parties involved. Some common types include: 1. General Indemnification: This type of provision offers broad protection to the indemnity (the party being indemnified) by obligating the indemnity (the party providing indemnification) to indemnify and hold the indemnity harmless from any and all claims, liabilities, costs, and expenses arising out of the contractual relationship. 2. Limited Indemnification: This provision limits the indemnity's liability to specific types of damages or losses outlined in the contract. The indemnity may agree to indemnify the indemnity only for certain specified risks or actions. 3. Mutual Indemnification: This form of provision requires both parties to indemnify and hold each other harmless in the event of any claims, damages, or liabilities arising from the contract. It ensures that both parties share the risks and potential losses equally. 4. Proportional Indemnification: This provision determines the allocation of indemnification responsibility between the parties based on their respective degrees of fault or negligence. If one party is found to be more responsible for the incurred losses or damages, they may have a higher indemnification obligation. 5. Retroactive Indemnification: In certain cases, the parties may include a provision allowing for indemnification even for claims or losses that originated prior to the execution of the contract. This provision can protect the indemnity from any unknown or pre-existing liabilities. It is essential for individuals and businesses entering into contractual agreements in New Jersey to carefully review and negotiate the terms of the indemnification provision to ensure adequate protection. Seeking legal advice from a qualified attorney is advisable to draft and customize the provision based on their unique circumstances.
