The Hold Harmless and Indemnity Agreement is essential in New Zealand business relationships where clear risk allocation and liability protection are required. This document is commonly used when one party needs to protect another from potential claims, losses, or damages arising from specified activities or circumstances. It is particularly relevant in commercial transactions, construction projects, service agreements, and property-related matters. The agreement must comply with New Zealand legal requirements, including the Contract and Commercial Law Act 2017, Fair Trading Act 1986, and relevant industry-specific regulations. It typically includes detailed provisions on the scope of indemnity, claim procedures, exclusions, and notice requirements, making it a crucial tool for risk management and liability protection in business operations.
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1. Parties: Identification and details of all parties to the agreement, including their legal status and contact information
2. Background: Context of the agreement, relationship between parties, and purpose of the indemnification
3. Definitions: Clear definitions of key terms used throughout the agreement, including 'Indemnified Party', 'Indemnifying Party', 'Claims', and 'Losses'
4. Scope of Indemnity: Detailed description of what losses, damages, or claims are covered by the indemnity
5. Indemnification Obligations: Specific obligations of the indemnifying party, including timing and extent of coverage
6. Exclusions: Clear statement of what is not covered by the indemnity
7. Notice Requirements: Procedures and timeframes for notifying parties of claims or potential claims
8. Claims Procedure: Process for handling claims, including cooperation requirements and defense obligations
9. Duration: Term of the indemnity coverage and any survival provisions
10. General Provisions: Standard contract clauses including governing law, jurisdiction, and entire agreement
1. Insurance Requirements: Details of required insurance coverage to support indemnity obligations, used when specific insurance coverage is necessary
2. Limitation of Liability: Caps or limitations on the indemnity obligations, used when parties agree to limit potential exposure
3. Security Provisions: Requirements for security or collateral to support indemnity obligations, used in high-value or high-risk situations
4. Third Party Rights: Provisions regarding the rights of third parties under the agreement, used when third parties might be affected
5. Confidentiality: Provisions regarding confidential information, used when sensitive information may be exchanged
6. Force Majeure: Provisions for unforeseen circumstances, used when external events might affect indemnity obligations
7. Step-In Rights: Rights of the indemnified party to take control of proceedings, used in complex commercial arrangements
1. Schedule 1: Specified Risks: Detailed list of specific risks or circumstances covered by the indemnity
2. Schedule 2: Claim Notification Form: Template form for notifying claims under the agreement
3. Schedule 3: Insurance Requirements: Detailed specifications of required insurance coverage
4. Appendix A: Defined Terms: Extended definitions of technical or complex terms
5. Appendix B: Claims Handling Procedures: Detailed procedures for handling and processing claims
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