This form provides boilerplate contract clauses that outline the scope of any indemnity under the contract agreement. Different language options are included to suit individual needs and circumstances.
New Mexico Indemnity Provisions — Scope of the Indemnity In New Mexico, indemnity provisions are an essential part of many contracts and agreements. They are designed to allocate risks and protect parties from potential liabilities arising from certain situations or events. The scope of the indemnity provision refers to the extent of protection provided by the indemnity (the party providing indemnity) to the indemnity (the party being indemnified). There are different types of New Mexico Indemnity Provisions — Scope of the Indemnity that may be specified in contracts: 1. Broad Form Indemnity: In this provision, the indemnity agrees to indemnify the indemnity against all claims, damages, losses, and liabilities arising out of or related to the contract, regardless of whether such claims are caused by the indemnity's negligence or fault. The indemnity is fully protected against any potential liability. 2. Intermediate Form Indemnity: This type of provision limits the indemnity's responsibility to indemnify the indemnity only for claims that arise out of the indemnity's negligence or fault. The indemnity is protected against liabilities caused solely by the indemnity, but not for liabilities caused by other parties or factors. 3. Limited Form Indemnity: In this provision, the indemnity agrees to indemnify the indemnity for claims and liabilities caused solely by the indemnity and exclude indemnity for any other third-party claims or liabilities. The scope of indemnity is limited, providing protection only for specific circumstances. 4. No Indemnity Provision: In some cases, the parties may choose not to include any indemnity provision in their contract, meaning that neither party will bear responsibility for the other's claims or liabilities. It is important for parties involved in contracts to carefully consider the scope of the indemnity provision that best suits their needs and assess the level of risk they are willing to assume. Understanding the different types of indemnity provisions in New Mexico helps parties negotiate and create contracts that adequately protect their interests and minimize potential liabilities.
