This form provides boilerplate contract clauses that outline the duration of any indemnity under the contract agreement, particularly for tax or environmental claims.
New Mexico Indemnity Provisions - Duration of the Indemnity
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Multi-State
Control #:
US-ND1009
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Word;
PDF
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FAQ
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.
Indemnity payments are (1) losses paid or expected to be paid directly to an insured by an insurer for first-party (e.g., property) coverages or on behalf of an insured for third-party (e.g., liability) coverages, or (2) payments made by the indemnitor under a hold harmless clause on behalf of the indemnitee.
§ 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 ...
(1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
As a general guideline, the statute of limitations to file a personal injury case is: Two years from the date of the accident for a claim against a governmental entity, including a 90-day tort claim notice from the date of the accident. ?Three years from the date of the accident for personal injuries suffered.
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 ...
Section 37-1-22 - Title in fee simple by adverse possession; action after ten years barred; definition; payment of taxes.
Indemnity Benefits. Workers' compensation indemnity benefits are cash benefits paid to injured workers that vary with the severity of the worker's disability. These can include benefits for temporary disability (time loss), permanent partial disability, permanent total disability, and death.
