New Mexico Indemnification Provisions play a crucial role in contractual agreements, protecting parties from potential liabilities and losses that might arise during the course of their business activities. These provisions establish the terms and conditions under which one party agrees to indemnify, or compensate, another party for any damages, expenses, or claims resulting from specified events or circumstances. Within New Mexico, there are various types of indemnification provisions that address different aspects of potential risks and liabilities. These can include: 1. General Indemnification: This type of provision covers a broad range of liabilities, essentially requiring one party (the indemnity) to fully compensate and defend the other party (the indemnity) against all losses, damages, expenses, and claims arising from any acts, omissions, or negligence. 2. Limited Indemnification: This provision limits the scope of indemnification to certain specified liabilities or circumstances, rather than providing broad protection against all potential risks. The terms of limited indemnification can be detailed and specific, focusing on predefined situations agreed upon by both parties. 3. Mutual Indemnification: In some cases, both parties may agree to indemnify each other, acknowledging the potential for liabilities on both sides. This type of provision balances the indemnification responsibilities between the parties and aims to distribute risk fairly. 4. Third-Party Indemnification: Sometimes, indemnification provisions extend beyond the immediate contracting parties to cover liabilities arising from claims made by third parties. This provision ensures that one party will indemnify the other for any losses resulting from legal actions brought by individuals or organizations not party to the contract. 5. Indemnification "Carve-Outs": There may be instances where certain liabilities or damages are expressly excluded from the indemnification provision. Common carve-outs can include intentional misconduct, willful negligence, or violations of law. These carve-outs are essential to prevent parties from being indemnified for their own wrongful actions. It is crucial to note that the specific terms and conditions of New Mexico Indemnification Provisions may vary based on the nature of the contract, industry norms, and the bargaining power of the parties involved. Parties should carefully review and negotiate these provisions to ensure clarity and fairness in the event of any potential disputes or claims.
New Mexico Indemnification Provisions
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Example 1: A service provider asking their customer to indemnify them to protect against misuse of their work product. Example 2: A rental car company, as the rightful owner of the car, having their customer indemnify them from any damage caused by the customer during the course of the retnal.
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 most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
The buyer and seller will then negotiate the 'caps' to these representations; that is, the maximum amount of money the buyer can recoup from the seller if it turns out that these representations are not accurate. Indemnification Caps: Typically, small market transactions have caps equal to 50% of the purchase price.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
§ 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 ...