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More on Indemnity issues / which contract for combination fire alarm-burglar alarm
April 3, 2023
More on Indemnity issues from article on March 25, 2023
          Good article on indemnity issues.  You should do follow up article on caps and baskets.
Jennifer Kirschenbaum, Esq.
Kirschenbaum & Kirschenbaum, P.C.
          The Indemnity article is a must read for anyone thinking about a buy sell agreement.  It’s enough that you understand that the indemnity issues are essential provisions in the buy sell agreements and, quite frankly, it’s a bit late to learn these issues when the pen is literally in your hand. 
          Cap on liability is exactly how it sounds, a limit of exposure.  A cap can be imposed on any of the categories referred to in the March 25, 2023 article. The basket is another negotiable issue whereby the indemnity doesn’t come into play until a threshold is reached.  These are negotiable issues so it depends on various factors, one certainly being the familiarity of how the cap and basket can be applied and worded.
          Keep in mind that these issues are not so routine as to be considered “customary”, but rather carefully thought out and negotiated liability issues.
which contract for combination fire alarm/burglar alarm system
          Which contract should be sent out for a combination fire alarm/burglar alarm system?
          I prefer that you use the Commercial All in One for the security systems and equipment and the Fire All in One for the commercial fire alarm system. 
          If the two systems share a single control panel then you would indicate in the security contract [the Commercial All in One] that the panel is shared with and described in the Fire All in One.
          There is a single contract that you can use for commercial security and fire.  It’s the Fire All in One with Security Rider.
          For residential accounts the Residential All in One covers both security and fire alarms.

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301