For vendors partnering with New Life Transport Parts, understanding the terms and conditions is crucial for a smooth and successful collaboration. This document outlines the key requirements for suppliers providing goods or services to New Life Transport Parts Center, a division of Jomar Investments, Inc. These terms ensure clarity and mutual protection in our business relationships.
Insurance Coverage Requirements for New Life Transport Parts Vendors
New Life Transport Parts mandates that all vendors maintain comprehensive insurance coverage. This is a fundamental aspect of our vendor agreement, designed to protect both parties. Specifically, vendors are required to hold a General Liability insurance policy. This policy must be an “occurrence” policy, providing a minimum coverage limit of $1,000,000 per occurrence.
The insurance carrier underwriting the policy must have an A.M. Best rating of “A?” or better, ensuring financial stability and reliability. Furthermore, the insurance must serve as the primary coverage and include a clause guaranteeing that the coverage will not be altered or canceled without at least ten (10) days’ prior written notification to Jomar Investments, Inc. This notification should be sent to Jomar Investments, Inc., Attn: Insurance Certs, PO Box 9426, Grand Rapids MI 49509.
Vendors are required to provide a certificate of insurance as proof of coverage. Failure to submit this certificate may result in temporary withholding of payments until the proof is received and verified by New Life Transport Parts. It is important to note that any delays in payment due to the vendor’s failure to provide acceptable insurance documentation will not affect any agreed-upon discount terms. These discounts will remain valid even if payment is delayed for this reason, ensuring fair practice and encouraging prompt compliance. Meeting these insurance requirements is essential but does not exempt the vendor from the indemnification obligations detailed below.
Indemnification Agreement for Vendors of New Life Transport Parts
Vendors supplying New Life Transport Parts are expected to agree to an indemnification clause. This clause is a standard business practice to protect New Life Transport Parts from potential liabilities arising from the goods or services provided. The vendor agrees to protect, defend, indemnify, and hold harmless New Life Transport Parts and its affiliates against any claims, actions, demands, liabilities, losses, costs, and expenses. This includes attorney fees, related to several categories of potential issues.
Firstly, indemnification covers claims arising from injury, death, or property damage resulting from the vendor’s services or the purchase, shipment, storage, delivery, sale, or handling of goods. This protection extends to damages suffered by any party, including agents or employees of both the vendor and New Life Transport Parts. However, this indemnification does not apply to losses or liabilities caused solely by the negligence of New Life Transport Parts or its employees.
Secondly, the indemnity extends to breaches of vendor warranties or other agreements outlined in the terms and conditions. Finally, it includes claims related to intellectual property infringement, specifically trademark, patent, or copyright infringement, or trade secret misappropriation associated with the goods sold to New Life Transport Parts. This comprehensive indemnity clause ensures that vendors take responsibility for the products and services they provide, safeguarding New Life Transport Parts from potential legal and financial risks.
Acceptance of Vendor Terms
The act of a vendor shipping goods or providing services to New Life Transport Parts automatically signifies the vendor’s unconditional acceptance of these terms and conditions. This acceptance is implied through the commencement of the business relationship, ensuring a clear and agreed-upon framework for all transactions. By proceeding with the supply of parts or services, vendors acknowledge and agree to abide by the insurance and indemnification requirements outlined, fostering a transparent and legally sound partnership with New Life Transport Parts.
