Waiver of Subrogation
In connection with the construction of the new office building and as part of the Construction Agreement dated September 1, 2050, between [Your Company Name]. ("Contractor") and NamorCo ("Client"), the following Waiver of Subrogation is agreed upon:
Purpose: The purpose of this Waiver of Subrogation is to prevent the insurer of either party from pursuing any claim or action against the other party in the event of a loss or damage covered by insurance.
Waiver: Each party agrees that their respective insurers shall not have any right of subrogation against the other party for any loss or damage that is covered by insurance. This waiver applies to any loss or damage that occurs on or about the premises at Plano, TX 75023, regardless of the cause.
Insurance Coverage: Both parties shall maintain insurance coverage sufficient to cover any potential losses or damages as specified in the contract. This coverage shall include provisions for the Waiver of Subrogation as agreed herein.
Notification: Each party agrees to notify their respective insurers of this Waiver of Subrogation clause and to ensure that their policies are endorsed to include such a waiver. The notification shall be made promptly, and proof of such endorsement shall be provided to the other party upon request.
Exceptions: This Waiver of Subrogation shall not apply in cases of gross negligence, willful misconduct, or fraud by either party.
Duration: This Waiver of Subrogation shall remain in effect for the duration of the contract and any subsequent period for which insurance coverage is maintained.
By signing below, both parties acknowledge and agree to the terms of this Waiver of Subrogation.
[Your Name]
[Your Title]
[Your Company Name]
September 1, 2050
Winona Harvey
Project Manager
NamorCo
September 1, 2050
Waiver Templates @ Template.net
