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.
Oregon Indemnity Provisions - Exclusivity of Indemnity as a Remedy
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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
It'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.
Workers' compensation is often considered the "exclusive remedy" for job-related injuries because it generally gives employers immunity from lawsuits in exchange for coverage of medical costs, missed work, and other injury-related expenses.
The 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.
Example: Third Party Indemnity Clause The service provider shall indemnify the customer against all actions, claims, losses and expenses in respect of loss or damage to third party property arising from the services supplied by the service provider.
California's workers' compensation laws generally provide that workers' compensation is the exclusive remedy against an employer for an employee's injury or death that arises during the course and scope of employment.
The 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.
In an Exclusive Remedy Clause (the ?Clause?), the parties to a merger agree that the indemnification provisions included in the merger agreement are the exclusive remedy for causes of action arising from the merger, the merger agreement, and the terms therein.
Essentially, exclusive remedy provisions restrict a party's available remedies for specified claims to the remedies set out in the contract and exclude the party from seeking other types of remedies for that action.
