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.
Pennsylvania Indemnity Provisions are clauses included in contracts or agreements to secure the payment of indemnity in case of any unforeseen losses, damages, or expenses incurred by one party, often referred to as the indemnity, to another party, known as the indemnity. These provisions provide a legal framework for ensuring compensation and protecting parties from potential financial liabilities. There are different types of Pennsylvania Indemnity Provisions employed to secure the payment of indemnity. Some common types include: 1. Limitation of Liability: This type of indemnity provision limits the amount of liability that the indemnity has to bear in case of any losses, damages, or expenses. It sets a cap on the maximum amount that the indemnity would be responsible for paying. 2. Broad Form Indemnity: This provision places a broad responsibility on the indemnity, requiring them to indemnify and hold harmless the indemnity against any and all claims arising out of the agreement, regardless of who was at fault. It provides comprehensive protection to the indemnity. 3. Comparative Fault Indemnity: In this type of indemnity provision, liability is apportioned based on the degree of fault each party contributed to the loss or damage. It ensures that each party is responsible for their fair share of the indemnity payment. 4. Waiver of Subrogation: This provision prevents the indemnity's insurance company from subjugating or seeking reimbursement for the indemnity payment from the indemnity's insurance. It helps to avoid any conflicts between insurance companies involved. 5. Defense and Indemnity: This type of provision not only requires the indemnity to pay for any damages or losses but also covers the costs associated with defending the indemnity in case of any legal actions. Pennsylvania Indemnity Provisions serve as a means of securing the payment of indemnity by providing safeguards and allocating responsibilities between the parties involved in a contract or agreement. These provisions help ensure that parties are adequately protected from any potential financial risks and liabilities that may arise during the course of their business dealings.
