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Click ‘Get Form’ to open the INDEMNITIES IN COMMONWEALTH CONTRACTING document in the editor.
Begin by reviewing the introductory section, which outlines the importance of risk management in Commonwealth contracting. Familiarize yourself with key terms such as 'indemnity' and 'liability'.
Fill out the 'Who' section by specifying the party that will be indemnified. This is typically the contractor or service provider involved in the agreement.
In the 'What' section, clearly define what liabilities are covered under this indemnity. Include all relevant actions, claims, and damages that may arise.
Complete the 'When' section by detailing when these indemnities apply, ensuring clarity on circumstances that trigger liability.
Finally, address the 'How' aspect by outlining how claims will be processed and any conditions that must be met for indemnification.
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Indemnity is a comprehensive form of insurance compensation for damage or loss. It amounts to a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
What are the three types of indemnity?
3 Basic Types. There are three basic types of indemnity under which a construction trade potentially may be pursued: (1) Express Contractual Indemnity; (2) Implied Contractual Indemnity and (3) Implied Non- Contractual Indemnity.
What is the Commonwealth indemnity policy?
An indemnity is a legally binding promise whereby the Commonwealth undertakes to accept the risk of loss or damage another party may suffer.
What is an example of indemnity in a contract?
For example, a contract between a general contractor and a subcontractor may state that the subcontractor shall indemnify the general contractor for claims arising out of the contract, whether caused in whole or in part by the negligence of the general contractor.
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The Permittee hereby undertakes to indemnify fully the Commonwealth, its officers, agents and employees, of and from damages or injury to persons or property
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