This is an indemnification agreement between the city of XXX and ABC, a corporate entity intending to carry out lawful business in XXX. It is dated dd/mm/yyyy and shall come into effect on the date of signing this agreement. The city of XXX shall be referred to as the ‘city’ and ABC shall be referred to as the ‘company’ for the purposes of this indemnification agreement.
1. Details of Work
As is customary with indemnification agreements, a clear outline of the work being performed is required in the contract. The contractor is constructing a building in the city, which will take 6 months to complete. This indemnification agreement is related to any claims arising out of this construction agreement.
2. Undertaking of Indemnification
This indemnification agreement provides that the contractor and any of the agents, workers or subcontractors associated with him shall indemnify the city and all its representatives from any third party claims arising out of the following:
2.1 Injury to a third party caused debris or materials occurring in the construction project as is customary with indemnification agreements.
2.2 The indemnification agreement also applies for injury to a third party arising out negligence on the part of the contractor or any of his agents
2.3 As with indemnification agreements, the company shall hold harmless the city for any property damage to any third party that occurred due to any materials or machines used in the construction project.
2.4 Death of any person caused wholly or in part by the construction project.
3. Insurance Policy
As is customary with indemnification agreements, the company is required to obtain the following insurance policies at its own cost prior to commencing the construction.
3.1 General Liability Insurance for Bodily Harm and Death for $5 million
3.2 Automobile Third Party Liability Insurance for injury or property damage for $2 million
Indemnification agreements require that the insurance policy be in place for the duration of the construction and the city should be notified prior to canceling any such policy.
Indemnification agreements usually provide the terms upon which the contract may be terminated. This agreement may be terminated by the city at any time after providing the contractor 7 days notice.
5. Binding on All Parties
As is customary with indemnification agreements, the terms shall be binding on the company and all its heirs, successors and assigns.
6. Governing Law
The terms and conditions of this indemnification agreement shall fall within the jurisdiction of the general laws of the state of XXX. If any section within the indemnification agreement does not comply with the said laws, it shall be considered invalid.
All parties fully understand the terms and conditions of this indemnification agreement and agree to comply with the clauses contained therein.