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Mutual Indemnity And Waiver Of Recourse Agreement

Mutual Indemnity And Waiver Of Recourse Agreement Template for India

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Key Requirements PROMPT example:

Mutual Indemnity And Waiver Of Recourse Agreement

"I need a Mutual Indemnity and Waiver of Recourse Agreement for a joint venture between my construction company and a technology services provider in Mumbai, with specific focus on cyber security risks and construction site accidents, to be effective from March 2025."

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Document background
The Mutual Indemnity And Waiver Of Recourse Agreement is essential for complex commercial relationships where parties need to clearly define their risk allocation and liability exposure. This document is typically used when two or more parties are engaging in activities with significant operational risks and need to establish clear boundaries for liability and indemnification. Under Indian law, such agreements must carefully balance the requirements of the Indian Contract Act, 1872, with practical business needs. The agreement includes detailed provisions for mutual indemnification, specific waivers of recourse rights, insurance requirements, and claim procedures. It is particularly valuable in project-based industries where multiple stakeholders need to coordinate their activities while managing their respective risks and liabilities.
Suggested Sections

1. Parties: Identification of all parties entering into the agreement

2. Background: Context of the agreement, relationship between parties, and purpose of the arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Mutual Indemnification Obligations: Detailed provisions of how each party indemnifies the other, including scope and limitations

5. Waiver of Recourse: Specific provisions detailing what rights of recourse each party is waiving

6. Exceptions to Indemnity and Waiver: Clear listing of circumstances where indemnities and waivers do not apply

7. Insurance Requirements: Obligations of each party to maintain insurance coverage

8. Notice Requirements: Procedures for making claims and providing notice under the agreement

9. Term and Termination: Duration of the agreement and circumstances for termination

10. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction

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

Optional Sections

1. Third Party Rights: Section addressing whether third parties can benefit from or enforce the agreement, used when there are affiliated companies or subcontractors involved

2. Dispute Resolution: Detailed procedures for resolving disputes, including mediation and arbitration, used when parties prefer alternative dispute resolution

3. Consequential Damages: Specific exclusions of consequential damages, used in high-risk industries or where significant indirect losses are possible

4. Currency and Payment Terms: Specifications about currency and payment procedures, used when indemnity includes financial compensation

5. Confidentiality: Provisions for maintaining confidentiality of sensitive information, used when sharing of confidential information is anticipated

Suggested Schedules

1. Schedule 1 - Defined Terms: Comprehensive list of defined terms and their meanings

2. Schedule 2 - Insurance Requirements: Detailed specifications of required insurance coverage, limits, and terms

3. Schedule 3 - Indemnified Parties: List of all parties covered by the indemnification provisions, including affiliates if applicable

4. Schedule 4 - Claim Procedures: Detailed procedures for making and processing indemnity claims

5. Appendix A - Notice Information: Contact details and procedures for serving notices

6. Appendix B - Form of Claim Notice: Template for submitting indemnity claims under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Oil and Gas

Construction

Manufacturing

Mining

Infrastructure Development

Energy

Maritime

Aviation

Technology Services

Engineering Services

Real Estate Development

Industrial Projects

Renewable Energy

Relevant Teams

Legal

Risk Management

Compliance

Operations

Commercial

Finance

Insurance

Project Management

Business Development

Contracts Administration

Relevant Roles

Legal Counsel

Risk Manager

Contract Manager

Project Director

Chief Legal Officer

Commercial Director

Operations Manager

Chief Financial Officer

Insurance Manager

Compliance Officer

Business Development Manager

Project Manager

General Counsel

Chief Risk Officer

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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