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Third Party Indemnity Agreement

Third Party Indemnity Agreement Template for New Zealand

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Key Requirements PROMPT example:

Third Party Indemnity Agreement

"I need a Third Party Indemnity Agreement for my construction company in Auckland to protect our main contractor against potential claims from subcontractors on our upcoming commercial building project starting March 2025, with a particular focus on workplace safety claims and property damage."

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Document background
The Third Party Indemnity Agreement is a crucial legal instrument in New Zealand business transactions where risk allocation and protection against third-party claims are essential. This document is commonly used in scenarios where one party needs to provide financial protection to another against potential claims or losses that might arise from dealings with a third party. It's particularly relevant in complex commercial arrangements, construction projects, financial transactions, or corporate restructuring where risk management is paramount. The agreement must comply with New Zealand's legal framework, including the Contract and Commercial Law Act 2017, Companies Act 1993, and relevant common law principles. It contains detailed provisions on the scope of indemnity, claim procedures, limitations, and the rights and obligations of all parties involved.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement - the indemnifier, the indemnified party, and the third party beneficiary

2. Background: Sets out the context and commercial rationale for the indemnity arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Scope of Indemnity: Clearly defines what losses, damages, or liabilities are covered by the indemnity

5. Indemnity Obligations: Details the specific obligations of the indemnifier, including timing and extent of coverage

6. Claims Procedure: Sets out the process for making and handling indemnity claims

7. Limitations and Exclusions: Specifies any caps, exclusions, or limitations on the indemnity

8. Duration: Specifies how long the indemnity remains in effect

9. Notices: Details how formal communications between parties should be made

10. Governing Law and Jurisdiction: Specifies New Zealand law as governing law and jurisdiction for disputes

11. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Security: Include when additional security (such as guarantees or charges) is required to support the indemnity

2. Insurance Requirements: Include when specific insurance coverage is required to back the indemnity

3. Step-In Rights: Include when the indemnifier needs rights to take control of underlying disputes or claims

4. Multiple Parties: Include when there are multiple indemnifiers or beneficiaries to address joint and several liability

5. Assignment and Novation: Include when parties need the ability to transfer their rights or obligations

6. Dispute Resolution: Include when specific dispute resolution procedures (mediation/arbitration) are required

Suggested Schedules

1. Schedule 1: Specified Losses: Detailed list of specific losses or types of claims covered by the indemnity

2. Schedule 2: Claim Form: Standard form for making indemnity claims under the agreement

3. Schedule 3: Contact Details: Contact information for key personnel and authorized representatives

4. Schedule 4: Insurance Requirements: Detailed insurance requirements including types of coverage and minimum amounts

5. Appendix A: Related Agreements: List of related agreements or documents referenced in the indemnity

6. Appendix B: Claim Processing Procedures: Detailed procedures for processing and handling claims

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses






























Relevant Industries

Financial Services

Construction

Insurance

Manufacturing

Professional Services

Real Estate

Infrastructure

Technology

Energy

Healthcare

Transportation

Mining

Relevant Teams

Legal

Finance

Risk Management

Compliance

Commercial Operations

Corporate Affairs

Insurance

Project Management

Business Development

Executive Leadership

Relevant Roles

Legal Counsel

Risk Manager

Chief Financial Officer

Commercial Director

Contract Manager

Company Secretary

Chief Executive Officer

Finance Director

Operations Manager

Project Manager

Compliance Officer

Insurance Manager

Business Development Manager

Corporate Attorney

General Counsel

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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