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Release And Indemnity Agreement

Release And Indemnity Agreement Template for New Zealand

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Key Requirements PROMPT example:

Release And Indemnity Agreement

"I need a Release and Indemnity Agreement for a construction project dispute settlement between ABC Construction Ltd and XYZ Properties Ltd, where ABC Construction will release claims related to project delays and cost overruns in exchange for a final payment of NZD 500,000, to be executed by March 2025."

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Document background
The Release And Indemnity Agreement is a crucial legal instrument commonly used in New Zealand business and personal contexts to manage risk and resolve potential disputes. This document serves dual purposes: it provides a complete release of claims or liability for past events while also establishing forward-looking indemnification obligations. Typically used in situations involving settlements, risk transfers, commercial transactions, or accident resolutions, this agreement helps parties achieve finality in their legal relationships. The document must be drafted in compliance with New Zealand law, including the Contract and Commercial Law Act 2017, Fair Trading Act 1986, and relevant common law principles. It's particularly valuable in scenarios where parties wish to prevent future litigation while allocating risk and responsibility clearly.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including full legal names and addresses

2. Background: Explains the context and circumstances leading to the agreement, including any relevant incidents or relationships

3. Definitions: Defines key terms used throughout the agreement for clarity and precision

4. Release: Details the specific claims, rights, or actions being released, including the scope and extent of the release

5. Indemnification: Specifies the indemnification obligations, including what is being indemnified against and any limitations

6. Consideration: States the consideration being provided in exchange for the release and indemnity

7. Representations and Warranties: Contains statements of fact and promises made by each party

8. Duration: Specifies how long the release and indemnity obligations remain in effect

9. Governing Law: Specifies that New Zealand law governs the agreement and outlines jurisdiction

10. Execution: Contains signature blocks and execution requirements

Optional Sections

1. Insurance Requirements: Used when specific insurance coverage must be maintained by either party

2. Confidentiality: Include when the release involves confidential information or trade secrets

3. Dispute Resolution: Added when specific dispute resolution procedures are required beyond standard court proceedings

4. Survival: Include when certain provisions need to survive the termination of the agreement

5. Assignment: Used when transfer rights need to be specifically addressed

6. Severability: Include when there's a need to ensure partial invalidity doesn't void the entire agreement

7. Force Majeure: Added when certain unforeseen circumstances might affect the indemnity obligations

Suggested Schedules

1. Schedule 1 - Released Claims: Detailed list of specific claims, rights, or actions being released

2. Schedule 2 - Indemnified Matters: Comprehensive list of matters covered by the indemnity

3. Schedule 3 - Insurance Requirements: Detailed insurance specifications if required

4. Appendix A - Related Documents: Copies of relevant documents referenced in the agreement

5. Appendix B - Incident Report: If the release relates to a specific incident, detailed description of the incident

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Claim
Commencement Date
Confidential Information
Effective Date
Indemnified Party
Indemnifying Party
Liabilities
Loss
Parties
Released Claims
Released Matters
Released Party
Releasing Party
Related Entities
Relevant Period
Representatives
Settlement Amount
Subject Matter
Termination Date
Associated Persons
Business Day
Dispute
Force Majeure Event
Governing Law
Intellectual Property Rights
Jurisdiction
Material Adverse Effect
Permitted Purpose
Related Documents
Warranties
Relevant Industries

Construction

Manufacturing

Professional Services

Healthcare

Real Estate

Insurance

Sports and Recreation

Entertainment

Technology

Mining and Resources

Transport and Logistics

Education

Financial Services

Retail

Relevant Teams

Legal

Risk Management

Compliance

Corporate Affairs

Insurance

Operations

Finance

Human Resources

Commercial

Business Development

Project Management

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Contract Administrator

Corporate Secretary

Chief Legal Officer

Claims Manager

Insurance Manager

Business Development Manager

Project Manager

Operations Manager

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Commercial Manager

Industries
Contract and Commercial Law Act 2017: This is the primary legislation governing contract formation, enforcement, and remedies in New Zealand. It's essential for ensuring the release and indemnity agreement meets basic contractual requirements.
Fair Trading Act 1986: Ensures that the terms of the release and indemnity are not misleading or deceptive, and that all representations made in the agreement are truthful.
Consumer Guarantees Act 1993: If the release and indemnity relates to consumer goods or services, this Act's provisions regarding consumer rights and business obligations must be considered.
Limitation Act 2010: Governs time limits for bringing civil claims, which is relevant for specifying timeframes in release and indemnity provisions.
Disputes Tribunal Act 1988: Relevant for dispute resolution clauses and understanding the jurisdiction of the Disputes Tribunal in relation to potential claims.
Contractual Mistakes Act 1977: Important for understanding how mistakes in the agreement might affect its validity and enforceability.
Illegal Contracts Act 1970: Ensures that the release and indemnity provisions do not contain illegal terms or contradict public policy.
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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