The New Anti-Indemnity Statute: The New World for Construction and Real Estate Development.
Contracting parties regularly negotiate for one party to be responsible for claims of specified liabilities to which the other party might be exposed. These provisions, known as indemnification provisions, cover claims ranging from breach of an agreement or harm arising out of work to be performed under an agreement to the covered party's own negligence as well as a laundry list of other acts. Having agreed to take on such legal responsibility, an indemnitor (the party providing the indemnity protection) typically seeks to obtain insurance coverage against the risks associated with such responsibilities.
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JW e-Alert
Thursday, December 15, 2011
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