I am working with a new PM company out of state and below is the verbiage in their contract. Want to make sure this is standard.
Liability of Property Manager: Property Manager shall indemnify, defend and hold harmless owner and it’s agents, officers and trustees from and against any and all claims, charges, debts, demands and lawsuits (the “Claims”) arising in connection with any claims arising out of or based upon acts performed or omitted to be performed by Property Managers in breach of this Agreement, or that constitute bad faith, fraud, willful misconduct or gross negligence. This provision shall survive the termination of this agreement.
Liability of Owner: Owner hereby agrees to hold Property Manager harmless from, and to defend Property Manager against, any and all claims, charges, debts, demands and lawsuits in connection with the management of the properties and from liability from injury suffered by any employee, tenant, guest or other person whomsoever.
Those are standard "indemnification" clauses used is all contracts. I am always more concerned in jurisdiction/choice of law/venue. Try to have the jurisdiction or at least choice of law for your state. If not, and there is an issue, you will have to hire an out of state attorney.
All my agreements have the following:
The interpretation, construction, and legal effect of this Agreement shall be governed by, and construed in accordance with, the laws of the State of California, not including its choice of law provisions. Venue shall reside in Los Angeles County for any action that may arise between xxxxxxx
I never compromise on the jurisdiction issue. (burned once, never again)