This is a Contractor Indemnification form, to be used across the United States. It is used to protect yourself against lawsuits by a Contractor's Employees.
New Mexico Contractor Indemnification
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Multi-State
Control #:
US-CGMCA-19
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Word;
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FAQ
§ 56?7?2(A) (?An agreement, covenant or promise, foreign or domestic, contained in ? an agreement pertaining to a well for oil, gas or water, or mine for a mineral, within New Mexico, that purports to indemnify the indemnitee against loss or liability for damages arising from the circumstances specified ? is against ...
Indemnity being a 'hold harmless' agreement This clause absolves the manufacturing company of losses in case one of the contractor's personnel gets injured while using the crane. The contractor here indemnifies the manufacturer.
Indemnity clause examples include: Example 1: Hold harmless agreements in service contracts. Example 2: Vendor agreements to shield you from contractor actions. Example 3: Nexus phrases in employment agreements.
Indemnity between primary and secondary wrongdoers. ? New Mexico recognizes a common-law right of indemnity in favor of a tortfeasor who has been guilty of only passive or secondary negligence against another who has been guilty of active or primary negligence. Morris v. Uhl & Lopez Eng'rs, Inc., 442 F.
In the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More common is in insurance contracts, in exchange for premiums paid by the insured to the insurer, the insurer offers to compensate the insured for any potential damages or losses.
Indemnity is implicated when a person discharges another's duty: A person who, in whole or in part, has discharged a duty which is owed by him but which as between himself and another should have been discharged by the other, is entitled to indemnity from the other, unless the payor is barred by the wrongful nature of ...
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.
Thus, it is critical for every contractor to understand the meaning of indemnification before executing a contract. An indemnification provision is a contractual provision under which one party (the indemnitor) agrees to assume liability for the losses incurred by another party (the indemnitee).
