The New Mexico Amendment of Articles to Expand Indemnification of Agents refers to a legal modification made to the articles of incorporation of a company that operates in New Mexico. This amendment is specifically focused on expanding the protections and indemnification granted to agents of the company. An agent is an individual who acts on behalf of the company, often representing it in various business transactions or legal matters. Amendment of Articles to Expand Indemnification of Agents enhances the existing indemnification provisions, which aim to protect agents from liability incurred during the course of their duties. The specific types of New Mexico Amendment of Articles to Expand Indemnification of Agents can include: 1. Expanded Indemnification: This type of amendment broadens the scope of indemnification offered to agents, providing greater protection against legal claims, actions, or liabilities arising from their activities on behalf of the company. 2. Financial Protection: This amendment may include provisions for the company to financially support agents, covering legal fees, settlements, or judgments resulting from claims brought against them. 3. Advancement of Expenses: The amendment may permit the company to advance funds to agents to cover legal expenses they may face in the event of a lawsuit or legal action. 4. Officer and Director Liability Protection: This type of amendment focuses on indemnifying and protecting officers and directors of the company from liabilities associated with their roles and responsibilities. 5. Breach of Duty: The amendment may outline the circumstances under which indemnification will not be granted, such as in cases of willful misconduct, fraud, or breach of fiduciary duty. 6. Shareholder Approval: Depending on the specific requirements of the company's bylaws or state laws, this amendment may necessitate approval by the shareholders before being implemented. It's important to note that the specifics of a New Mexico Amendment of Articles to Expand Indemnification of Agents can vary depending on the individual company's needs, its industry, and the legal framework in New Mexico. Consulting with legal professionals is essential to ensure compliance with relevant laws and regulations while crafting appropriate indemnification provisions.
New Mexico Amendment of Articles to Expand Indemnification of Agents
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A provision in a construction contract that requires one party to the contract to indemnify, hold harmless, insure or defend the other party to the contract, including the other party's employees or agents, against liability, claims, damages, losses or expenses, including attorney fees, arising out of bodily injury to ...
A provision in a construction contract that requires one party to the contract to indemnify, hold harmless, insure or defend the other party to the contract, including the other party's employees or agents, against liability, claims, damages, losses or expenses, including attorney fees, arising out of bodily injury to ...
In legal terms, an Act of Indemnity is a statute passed to protect people who have committed some illegal act which would otherwise cause them to be subjected to legal penalties.
New Mexico law contains a statute which voids construction contracts as against public policy when a contract attempts to indemnify, hold harmless, insure, or defend a party for its own negligence. See N.M. Stat. Ann. § 56-7-1 (2022).
An anti-indemnity statute is a law defining how much risk can be transferred between parties in a contract and is oftentimes used in construction contracts. An anti-indemnity statute protects sub-contractors from risks they take on from a primary contractor.
The New Mexico Oilfield Anti-Indemnity Act (NMOAIA) voids indemnity agreements that purport to indemnify a party against liability for damages caused by the party's own negligence.
Product Liability:Three (3) years from when claim accrues. Personal Injury (Caused by Negligence):Three (3) years from when claim accrues. Statute of Repose:No specific statute of repose for product liability actions.
Some states like New Mexico have a ten-year statute of repose, while others have shorter periods.