This form provides boilerplate contract clauses that outline means of securing the funds for payment of any indemnity, including use of an escrow fund or set-offs.
Oregon's indemnity provisions refer to clauses in contracts or agreements that establish a party's obligation to indemnify, or compensate, another party for any losses, damages, or expenses incurred. These provisions ensure that the party responsible for causing harm or liability bears the financial burden associated with such actions. The purpose of Oregon indemnity provisions is to protect parties from the financial repercussions of a third party's actions or negligence. By including these provisions in contracts, businesses and individuals can secure their right to recover costs and expenses resulting from any legal claims or disputes that may arise. There are generally two types of Oregon indemnity provisions used to secure the payment of indemnity: 1. Broad Form Indemnity: This type of provision requires one party to indemnify and hold harmless the other party from any and all claims, liabilities, and expenses, regardless of fault or negligence. It provides extensive protection to the indemnity (the party being indemnified) but places a significant financial burden on the indemnity (the party providing indemnity). Example of a broad form indemnity provision: "Party A shall indemnify, defend, and hold harmless Party B from any and all claims, liabilities, damages, and expenses arising out of or related to this agreement, including but not limited to negligence or willful misconduct by Party A." 2. Limited Form Indemnity: This provision limits the indemnity's liability to specific types of claims or losses. It typically applies only to claims arising from the indemnity's negligence or intentional misconduct. This type of provision is often considered more favorable to the indemnity as it narrows the scope of their financial responsibility. Example of a limited form indemnity provision: "Party A shall indemnify, defend, and hold harmless Party B from claims arising out of Party A's negligent acts or omissions in performing under this agreement, but not for claims resulting from Party B's own negligence or intentional misconduct." In summary, Oregon indemnity provisions are contractual clauses that establish the obligations and liabilities of parties involved in a contract or agreement. They provide security and assurance to parties by ensuring that one party will compensate the other for any losses incurred. The two primary types of indemnity provisions are broad form indemnity and limited form indemnity, each offering different levels of financial protection.
