New York Indemnification - Long-Form Provision

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US-ND2307
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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 York Indemnification — Long-Form Provision is a legal clause commonly included in contracts to allocate liability and provide protection for parties involved in a business relationship. It serves as a means to safeguard against potential losses, damages, or claims that may arise throughout the course of a contract. This provision outlines the specific terms and conditions under which one party agrees to indemnify, or compensate, the other party for any losses incurred due to specified events or actions. By including this clause in a contract, parties can mitigate risks associated with potential liabilities, lawsuits, or unforeseen circumstances. In the state of New York, several types of Indemnification — Long-Form Provisions exist: 1. General Indemnification: This type of provision encompasses a broad range of liabilities and potential losses, offering protection for both direct and indirect damages. 2. Third-Party Indemnification: In this provision, one party agrees to indemnify the other party for claims brought by third parties. For example, if a customer sues a service provider due to an injury sustained on the customer's property, the service provider may be required to indemnify the customer for any legal costs or damages incurred. 3. Contractual Indemnification: This provision focuses on indemnifying the other party for specific risks or liabilities outlined within the contract. The events triggering indemnification in a contractual provision are typically narrowed down to specific situations or actions. 4. Active Indemnification: This provision requires the indemnifying party to take immediate action to compensate for losses or damages incurred. It may involve monetary compensation, performance of additional services, or other remedial actions. 5. Passive Indemnification: In contrast to active indemnification, this provision allows the indemnifying party to be notified of potential claims and given an opportunity to rectify the situation before being held responsible for indemnification. The New York Indemnification — Long-Form Provision is comprehensive and precise, clearly defining the responsibilities, obligations, and limits of liability for each party involved in a contract. It is essential to consult legal professionals specializing in contract law to ensure proper inclusion and understanding of the indemnification clauses when drafting or reviewing agreements.

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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. How to Write an Indemnity Agreement (Step-by-Step Guide) - OnBoard onboardmeetings.com ? blog ? indemnity-a... onboardmeetings.com ? blog ? indemnity-a...

An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity. How to Draft an Indemnification Clause - LinkedIn linkedin.com ? advice ? what-key-elements-... linkedin.com ? advice ? what-key-elements-...

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.

Upon the occurrence of any Event for which you may become entitled to indemnity in ance with the above, the Company shall make available to you, from time to time, the amounts of money required to cover the various expenses and other payments involved in the handling of any legal proceedings against you in ...

The Company shall indemnify and hold Employee harmless to the fullest extent permitted by the laws of the Company's state of incorporation in effect at the time against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney's ...

An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.

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. Indemnification Clause: Meaning & Samples (2022) - Contracts Counsel contractscounsel.com ? indemnification-clause contractscounsel.com ? indemnification-clause

Letters 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. What Is a Letter of Indemnity (LOI)? Definition and Example - Investopedia investopedia.com ? terms ? letterofindemnity investopedia.com ? terms ? letterofindemnity

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Indemnification obligations in contracts are a method for allocating risk and shifting losses and costs to another party. The basic purpose of contractual ... Jan 6, 2021 — Pursuant to the GOL§ 5-322.1, any construction contract that purports to indemnify a party for an accident caused, in part, by the promisee's ...The purpose of this article is to assist transactional and litigation attorneys in the negotiation and drafting of customized, and therefore more effective, ... Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could ... Aug 9, 2023 — [Download our sample indemnification clause, including commentary that addresses risk/value analysis, pro-party comments, and affected clauses.] Dec 6, 2021 — Understanding Indemnification Clauses. (0). Save items to your packet by clicking the + located beside the briefcase icon link on any page. A Q&A guide to an insurer's duties to defend and indemnify claims and losses in New York under commercial general liability (CGL) policies. The enforcement of indemnity agreements can be difficult to predict, as it requires a three-part analysis. In each case, there must be an analysis of the ... ... “[u]nder New York law, incorporation clauses in a construction subcontract, incorporating prime contract clauses by reference into a subcontract, bind a ... Nov 25, 2015 — Properly composed, “broad form” contractual indemnity provisions can permit an Indemnitee to shift the full range of tort exposure – damages and ...

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New York Indemnification - Long-Form Provision