This form provides boilerplate contract clauses that define the exclusivity or nonexclusivity of indemnity as a remedy under the terms of the contract agreement. Different language options for exclusivity and nonexclusivity are included.
New Mexico Indemnity Provisions - Exclusivity of Indemnity as a Remedy
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Multi-State
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US-ND1012
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How to fill out Indemnity Provisions - Exclusivity Of Indemnity As A Remedy?
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FAQ
An action for indemnification is a legal proceeding in which one party seeks to recover compensation or reimbursement from another party for losses or damages the first party has suffered.
Hear this out loud PauseIt's an additional promise which applies over and above an ordinary claim for damages for breach of contract. They recompense the indemnified person for any loss or liability which one person incurs against specified events within the terms of the indemnity.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
Hear this out loud PauseLetters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
Equitable indemnity principles govern the allocation of loss or damages among multiple tortfeasors whose liability for the underlying injury is joint and several. Equitable indemnity is designed to apportion liability among joint tortfeasors in direct proportion to their respective fault.
Hear this out loud PauseThe Exclusive Remedy clause reduces the amount a party may owe for a breach of a representation, warranty or covenant by making the negotiated indemnification provisions the exclusive remedy for causes of action arising from the acquisition.
