This form brings together several boilerplate contract clauses that work together to outline the procedures, restrictions, exclusivity and other aspects of an indemnity provided for under the terms of the contract agreement.
New Mexico Indemnification — Long-Form Provision is a legal clause commonly found in contracts and agreements in the state of New Mexico. It is designed to protect parties involved in the agreement from potential losses, damages, or liabilities. The purpose of the New Mexico Indemnification — Long-Form Provision is to allocate responsibility for any claims, lawsuits, or costs arising from the actions or omissions of one party to another. The provision ensures that if one party causes harm or incurs expenses, the other party will bear the financial burden. Key features of the New Mexico Indemnification — Long-Form Provision may include: 1. Scope: The provision defines the coverage and scope of indemnification. It specifies the types of claims or liabilities that are subject to indemnification. 2. Indemnity and Indemnity: The provision identifies the indemnity, i.e., the party responsible for providing indemnification, and the indemnity, i.e., the party entitled to be indemnified. 3. Indemnity Trigger: The provision outlines the conditions or events that trigger the indemnification obligation. This may include breaches of warranties, negligence, or violation of laws. 4. Defense and Legal Costs: The provision may specify whether the indemnity is obligated to provide a defense to the indemnity in the event of a claim, including covering legal fees, court costs, and other related expenses. 5. Limitations and Exceptions: The provision may contain limitations or exceptions to indemnification, outlining situations where the indemnity is not responsible for providing indemnification, such as intentional misconduct or acts outside the scope of the agreement. It is important to note that while this general description provides an overview of a typical New Mexico Indemnification — Long-Form Provision, the specific language and terms of the provision may vary depending on the agreement and the parties involved. Regarding different types of New Mexico Indemnification — Long-Form Provisions, they can be categorized based on the nature of the agreement they are included in. Some common types include: 1. Construction Contracts: Indemnification clauses in construction contracts aim to protect parties involved in construction projects, such as owners, contractors, and subcontractors, from liabilities arising from accidents, property damage, or delays. 2. Service Agreements: Service providers often include indemnification clauses in their contracts to protect themselves from potential claims or losses resulting from their services, such as professional errors, omissions, or unethical conduct. 3. Lease Agreements: Landlords and tenants may include indemnification provisions in lease agreements to allocate responsibility for property damages, injuries, or claims made by third parties on the leased premises. 4. Purchase Agreements: In purchase agreements, indemnification provisions are commonly used to address potential liabilities related to intellectual property infringement, product defects, or undisclosed liabilities. It is essential to consult with a legal professional while drafting or interpreting New Mexico Indemnification — Long-Form Provisions to ensure compliance with state laws and specific contractual requirements.
