Document:

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                                                                    EXHIBIT 4.17

ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

ACCESS INDEMNITY AND INSURANCE DEED

JAMES HARDIE INDUSTRIES LIMITED

ALLEN ALLEN & HEMSLEY
The Chifley Tower
2 Chifley Square
Sydney NSW 2000
Australia
Tel 61 2 9230 4000
Fax 61 2 9230 5333

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

DATE
            [Date]
PARTIES

      1.    JAMES HARDIE INDUSTRIES LIMITED (ACN 000 009 263) incorporate in New
            South Wales of Level 8, 65 York Street, Sydney NSW 2000 ("COMPANY");

            FOR THE BENEFIT OF:

      2.    [NAME] of [Address] ("COVENANTEE").

RECITALS

      A     The Constitution of the Company authorises it to grant an indemnity
            to the directors and other officers of the Company.

      B     The Covenantee is a director or alternate director of the Company.

      C     The Company and the Covenantee agree to enter into this Deed, to
            grant an indemnity to the Covenantee which will continue after the
            expiry of his period of office, and to specify the Covenantee's
            rights to be insured and to obtain access to the Books of the
            Company.

IT IS AGREED as follows.

1.    DEFINITIONS AND INTERPRETATION

1.1   DEFINITIONS

      In this Deed, the following words have the following meanings unless
      otherwise required by the context or subject matter:

      AMENDMENT DATE means the effective date of the amendments to the Company's
      Constitution, as approved by its members at its general meeting on 13 July
      2000.

      APPOINTMENT DATE means the date the Covenantee became an Officer, having
      consented to act in that capacity.

      ASIC means the Australian Securities and Investments Commission.

      BOARD means the board of directors of the Company.

      BOOKS has the meaning set out in section 9 of the Corporations Law.

      CLAIM means any claim made or proceedings brought against the Covenantee
      or any inquiry by a Governmental Agency in which the Covenantee becomes
      involved or is required to appear, in each case, in the Covenantee's
      capacity as a director of the Company or any of its related bodies
      corporate.

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

      DELIBERATIONS includes meeting of, and communications or discussions
      between, members of the Board, and committees on which members of the
      Board sit, and any decisions, resolutions or directives made at those
      meetings or discussions.

      DOCUMENT means any of the following:

      (a)   a document as defined in section 9 of the Corporations Law:

      (i)   delivered to members of the Board for use in Deliberations;

      (ii)  used in Deliberations or referred to in Deliberations; or

      (iii) which is reasonably material to Deliberations;

      (b)   any written advice or opinion from a solicitor or barrister
            addressed to both an Officer and the Company;

      (c)   any written advice or opinion from a solicitor or barrister where
            the advice or opinion is expressed to be for the benefit of or to be
            relied on by any Officer, either as an Officer or in their personal
            capacity, even if the advice or opinion is addressed only to the
            Company;

      (d)   a document as defined in section 9 of the Corporations Law which is
            referred to or mentioned in any document referred to in paragraphs
            (a), (b) or (c) above.

      GOVERNMENTAL AGENCY means any government or any governmental,
      semi-governmental, or judicial entity or authority. It also includes any
      self regulatory organisation established under statute, any stock exchange
      or any committee of any state, territory or national parliament of any
      jurisdiction,

      OFFICER has the meaning given in section 9 of the Corporations Law.

      PERSON has the meaning as appears in section 9 of the Corporations Law.

      SUBSIDIARY means a body corporate, all the issued share capital of which
      is held directly or indirectly by the Company (excluding any part of that
      issued share capital that carries no right to participate beyond a
      specified amount in a distribution of either profits or capital).

1.2   INTERPRETATION

      Headings are for convenience only and do not affect interpretation. The
      following rules of interpretation apply unless the context requites
      otherwise.

      (a)   A reference to the COMPANY includes the company's administrators,
            liquidators, receivers, receivers and managers, representatives, and
            successors.

      (b)   A reference to the COVENANTEE includes the Covenantee's estate,
            administrators, executors and personal representatives.

      (c)   A reference to any LEGISLATION or to any provision of any
            legislation includes any modification or re-enactment of it, any
            legislative provision substituted for it and all regulations and
            statutory instruments issued under it.

      (d)   The singular includes the plural and conversely.

      (e)   A gender includes all genders.

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

      (f)   A reference to CLAUSE is to a clause of this Deed.

      (g)   The use of INCLUDE, INCLUDES or INCLUDING does not limit what else
            might be included.

      (h)   Words or phrases having a particular meaning for the purposes of the
            Corporations Law have the same meaning in this Deed.

2.    ACKNOWLEDGEMENT BY COMPANY

      The Company provides the indemnity, allows the access to the Books of the
      Company and incurs the other obligations under this Deed in consideration
      for the Covenantee agreeing to act, or continue to act, as the case may
      be, as an Officer of the Company.

3.    DUTIES OF COVENANTEE

      On and from the Appointment Date the Covenantee must carry out the duties
      of his or her office in accordance with all applicable laws.

4.    INDEMNITY

4.1   INDEMNITY

      To the extent permitted by law and without limiting the powers of the
      Company, the Company indemnifies the Covenantee from and against all
      liabilities which result directly or indirectly from facts or
      circumstances, whether arising before, on or after the Amendment Date,
      relating to the Covenantee serving or having served in his or her capacity
      as an Officer of the Company or a related body corporate of the Company
      (as defined in the Corporations Law):

      (a)   to any person, other than:

            (i)   a liability owed to the Company or a related body corporate;
                  or

            (ii)  a pecuniary penalty order or compensation order under the
                  Corporations Law; or

            (iii) a liability that is owed to someone (other than the Company or
                  a related body corporate) and did not arise out of conduct in
                  good faith,

      (but this paragraph (a) does not apply to legal costs);

      (b)   for legal costs incurred by the Covenantee in defending or resisting
            proceedings for a liability if the costs are incurred other than:

            (i)   in defending or resisting civil proceedings in which the
                  Covenantee is found to have a liability for which they could
                  not be indemnified under paragraph (a); or

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

            (ii)  in defending or resisting criminal proceedings in which the
                  Covenantee is found guilty; or

            (iii) in defending or resisting proceedings brought by ASIC or a
                  liquidator for a court order if the grounds for making the
                  order are found by the court to be established; or

            (iv)  in connection with proceedings for relief to the Covenantee
                  under the Corporations Law in which the court denies relief to
                  the Covenantee.

      Clause 4.1(b)(iii) does not apply to costs incurred by the Covenantee in
      responding to actions brought by ASIC or a liquidator as part of an
      investigation, before commencing proceedings for the court order.

4.2   SEPARATE LEGAL REPRESENTATION

      If, in respect of a Claim, the Company elects to conduct the litigation
      under Clause 8.6, then the Company may decide, with proper regard to the
      interests of the Covenantee, to indemnify or refuse to indemnify (subject
      to Clause 8.1) the Covenantee with respect to any separate legal or other
      representation engaged by the Covenantee to advise or assist with the
      Covenantee's participation in the Claim.

4.3   IMPACT OF TAXATION - COMPULSORY GROSSING UP

      The amount of any indemnity payment to the Covenantee must be calculated
      having regard to the impact of taxation laws on the Covenantee in relation
      to any payment required to be made by, or to, the Covenantee, with the
      intention of ensuring that the Covenantee is placed in the same after tax
      position as if the liability to which the indemnity payment relates had
      not been incurred. In particular, and to the extent necessary to achieve
      this intention, an indemnity payment required to be made to the Covenantee
      under Clause 4.1 must be grossed up for any income tax incurred by the
      Covenantee in respect of it (after taking into account any allowable
      deductions available to the Covenantee in respect of the liability to
      which the indemnity payment relates).

4.4   GST GROSS UP

      If all or part of any payment made under this Deed is the GST exclusive
      consideration for a taxable supply for GST purposes, the person making the
      payment must pay to the recipient an additional amount equal to that
      payment (or part) multiplied by the appropriate rate of GST (which is
      currently 10%).

4.5   PAYMENT

      The Company shall within 14 days of a written demand from the Covenantee
      made from time to time pay the Covenantee the amount which is payable
      under this Deed. A demand made by the Covenantee under this Clause shall
      contain reasonable details of the amounts payable by the Company.

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

4.6   REPAYMENT

      The Covenantee undertakes to repay the Company any amount paid by the
      Company under Clause 4.5 if, and only to the extent that:

      (a)   a court of competent jurisdiction determines that the Covenantee is
            not entitled to be indemnified by the Company for such liabilities;
            or

      (b)   the Covenantee receives payment under a contract of insurance
            procured by the Company or any other person in respect of those
            liabilities or the insurer has paid, discharged and satisfied those
            liabilities directly; or

      (c)   the Company pays an amount to the Covenantee in excess of the amount
            actually payable by way of indemnity under Clause 4.1 or under the
            indemnity set out in the Company's constitution.

4.7   INDEMNITY GIVEN IN ADDITION TO ANY OTHER INDEMNITY

      The indemnity under this Deed is given to the Covenantee in addition to
      any other indemnity given by the Company to the Covenantee whether by way
      of agreement, under the Company's constitution, by statute or otherwise,
      but nothing in this Deed requires the Company to pay more than once in
      respect of any Claim.

4.8   INDEMNITY AFTER COVENANTEE CEASES TO BE AN OFFICER

      The indemnity given by the Company under this Deed shall be in force and
      shall continue for 7 years from the date from which the Covenantee ceases
      to be an Officer and during that period it shall be irrevocable and shall
      not be affected by:

      (a)   any intermediate payments, settlement of accounts or payment;

      (b)   laches, acquiescence or delay on the part of the Covenantee;

      (c)   the death, bankruptcy, insolvency or liquidation of any Person; or

      (d)   any other thing or matter which might otherwise affect it whether in
            law or equity.

5.    COMPANY TO PAY INSURANCE PREMIUM

      (a)   The Company agrees to procure and pay the premium for and maintain
            in full force and effect a contract of insurance from an established
            and reputable insurer, or, if appropriate, through a properly
            established and maintained self-insurance program, which insures the
            Covenantee against all liabilities incurred by the Covenantee
            directly or indirectly as an Officer of the Company or a related
            body corporate, provided that:

            (i)   the provisions of the Corporations Law including, but not
                  limited to, Part 2D.2 is complied with in regard to the above;
                  and

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

            (ii)  the liability does not arise out of conduct involving a wilful
                  breach of duty to the Company or to a related body corporate
                  or a contravention of sections 182 or 183 of the Corporations
                  Law.

      (b)   The insurance contract referred to in paragraph (a) must provide
            insurance against liability for costs and expenses incurred by the
            Covenantee in defending or resisting proceedings, whether civil or
            criminal and whatever their outcome.

      (c)   Unless the Company agrees otherwise, the insurance contract referred
            to in paragraph (a) will contain a provision waiving all rights of
            subrogation or action by the Covenantee against the Company.

      (d)   If a notice has been given to the insurer as referred to in Clause
            8, the Company must take all steps reasonably necessary or desirable
            in order to cause the insurer to pay to the Covenantee all amounts
            payable under the contract of insurance in connection with any claim
            or proceeding against the Covenantee.

      (e)   The Company must provide to the Covenantee a copy of all contracts
            of insurance procured by the Company pursuant to this clause which
            insure the Covenantee within 30 days of request by the Covenantee.

      (f)   The Company will use its best endeavours to ensure that it does not
            do anything which will

            (i)   render void any contract of insurance maintained under this
                  Clause; or

            (ii)  entitle an insurer of such a contract of insurance to refuse
                  the payment of a claim or to reduce the amount of the claim
                  being paid.

6.    INSURANCE AFTER COVENANTEE CEASES TO BE AN OFFICER

6.1   DURATION OF INSURANCE

      The obligations of the Company referred to in Clause 5 shall continue for
      7 years from the date from which the Covenantee ceases to be an Officer of
      the Company.

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

6.2   SAME COVERAGE

      If the Covenantee has ceased to be an Officer of the Company, a contract
      of insurance procured by the Company pursuant to Clause 5 and the previous
      paragraph must provide insurance to the same extent and in relation to the
      same liabilities as contracts of insurance procured and paid for by the
      Company for the benefit of other persons who are, at the time the
      contracts of insurance are procured pursuant to this clause, Officers, or
      if there are no such contracts of insurance then to the same extent and in
      relation to the same liabilities as the contract of insurance applicable
      to the Covenantee immediately prior to ceasing to be an Officer.

7.    DISCLOSURE IN DIRECTORS' REPORT

      The Covenantee and the Company agree that, subject to any exception
      provided for in the Corporations Law or granted or approved by ASIC, full
      particulars of the Company's indemnities and insurance premiums in
      relation to the Covenantee will be included each year in the Directors'
      report in compliance with the requirements of the Corporations Law.

8.    NOTIFICATION AND CONDUCT OF CLAIMS

8.1   OBLIGATIONS ON COVENANTEE

      When the Covenantee wishes to obtain the benefit of this indemnity, the
      Covenantee must:

      (a)   give notice to the Company promptly upon becoming aware of any Claim
            or any circumstances which give rise or could give rise to a Claim;

      (b)   take such reasonable action as the Company requests to avoid,
            dispute, resist, bring an appeal on, compromise or defend any Claim
            or any adjudication of any Claim;

      (c)   not settle or compromise any Claim or make any admission of
            liability or payment in relation to any Claim without the prior
            written consent of the Company which must not be unreasonably
            withheld; and

      (d)   upon request by the Company, render all reasonable assistance and
            co-operation to the Company in the conduct of the Claim, including
            providing the Company with any documents, authorities and directions
            that the Company may reasonably require.

      The Covenantee is entitled to be reimbursed by the Company for actual
      costs reasonably incurred by the Covenantee in taking action pursuant to
      Clause 8.1.

8.2   LIMIT ON COVENANTEE'S OBLIGATIONS

      If the Covenantee complies with Clause 8.1(a) and either the Company
      fails to make a

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

      payment in respect of the indemnity set out in Clause 4.1 or refuses to
      acknowledge that it is liable to indemnify the Covenantee in respect of
      the Claims under Clause 4.1, then the Covenantee is not obliged to comply
      with Clauses 8.1(b), (c) or (d).

8.3   NOTIFICATION OF INSURER

      If the Covenantee gives a notice under Clause 8.1 to the Company, the
      Company must promptly give to the insurer referred to in Clause 5 a
      written notice in substantially the same terms and which complies with the
      terms and conditions of the insurance contract procured by the Company.

8.4   OBLIGATIONS ON COMPANY TO NOTIFY COVENANTEE

      The Company must notify the Covenantee in writing as soon as reasonably
      practicable after becoming aware of any Claim or circumstances which give
      rise or could give rise to a Claim, including if any Claim is threatened
      or made against the Company which may result in the Claim being made
      against the Covenantee.

8.5   RELIEF FOR THE COMPANY

      If, in relation to a Claim, and subject to Clause 8.2, the Covenantee has
      failed to perform an obligation under Clause 8.1 to the material prejudice
      of the Company in relation to that Claim, the Company is relieved from
      each and every obligation owed under this Deed in respect of the Claim to
      the Covenantee.

8.6   CONDUCT OF LITIGATION WHERE THE COMPANY ADMITS LIABILITY

      If the Company:

      (a)   acknowledges and gives written notice to the Covenantee that it is
            liable to indemnify the Covenantee in respect of a Claim under
            Clause 4.1;

      (b)   provides adequate security for all legal and other costs in
            connection with the defence of that Claim and any related
            proceedings and pays such costs as they arise;

      (c)   satisfies, and continues to satisfy, the Covenantee of its financial
            ability to indemnify the Covenantee; and

      (d)   obtains legal advice from senior counsel experienced in the relevant
            area that there is a reasonable prospect of successfully defending
            that Claim and Counsel remains of that view,

      the Company shall be entitled to conduct the defence of such a Claim under
      its sole management and control and at its sole cost and, for that
      purpose, to institute such legal and other proceedings (including
      cross-claims) in the name of the Covenantee as it thinks fit. However:

      (e)   the Company will have regard to the principle that the reputation of
            the Covenantee should not be unnecessarily injured; and

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

      (f)   the Company must not settle that Claim without the prior written
            approval of the Covenantee, or instruct the Covenantee to do so,
            unless the Company has first satisfied the Covenantee that moneys
            are available to pay the settlement amount.

      For so long as the Company is entitled to conduct the defence of a Claim,
      the Covenantee must promptly render all reasonable assistance and
      co-operation to the Company in the conduct of the relevant proceedings.

9.    MAINTENANCE OF AND ACCESS TO DOCUMENTS

9.1   MAINTENANCE OF DOCUMENTS

      The Company must keep and maintain in chronological order a complete set
      of all Documents relating to the period of time the Covenantee is an
      Officer of the Company or a related body corporate. The company secretary
      from time to time of the Company will have the responsibility of
      maintaining this set of Documents and ensuring that the Documents are kept
      in safe and secure custody.

9.2   ACCESS TO DOCUMENTS

      (a)   The Covenantee may, while being an Officer of the Company, inspect
            the Books of the Company (other than its financial records) at all
            reasonable times for the purposes of a legal proceeding or any ASIC
            or liquidator investigation:

            (i)   to which the Covenantee is a party; or

            (ii)  that the Covenantee proposes in good faith to bring; or

            (iii) that the Covenantee has reason to believe will be brought
                  against him or her.

      (b)   The Covenantee may, while being an Officer of the Company, inspect
            its financial records at all reasonable times.

      (c)   The Covenantee may, for a period of 7 years after ceasing to be an
            Officer of the Company, inspect the Books of the Company (including
            its financial records) at all reasonable times for the purposes of a
            legal proceeding or any ASIC or liquidator investigation:

            (i)   to which the Covenantee is a party; or

            (ii)  that the Covenantee proposes in good faith to bring; or

            (iii) that the Covenantee has reason to believe will be brought
                  against him or her.

      (d)   The Covenantee may make copies of the Books (including financial
            records) for the purposes of the legal proceeding or investigation
            referred to above.

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

9.3   REQUEST FOR ACCESS

      If the Covenantee wishes to have access to the Books under Clause 9.2, the
      Covenantee must deliver to the company secretary from time to time of the
      Company a written request for such access. A request may specify
      particular documents which the Covenantee wishes to have access to or the
      request may specify documents by reference to type, date or by a general
      description. A request must include reasons for or the purpose for which
      the Covenantee wishes to have access to the Books.

9.4   RESPONSIBILITY OF COMPANY SECRETARY

      The Company must ensure that the company secretary from time to time of
      the Company will have the responsibility of:

      (a)   making arrangements with the Covenantee for the giving of access to
            the Books of the Company;

      (b)   ensuring that following receipt of a written request for access
            pursuant to Clause 9.3 above, access to the Books of the Company
            under Clause 9.2 above is given within 14 days of receipt of the
            request, or such other period as the Covenantee and the company
            secretary agree; and

      (c)   reporting to the Board all requests for access received by the
            company secretary pursuant to Clause 9.3 above.

9.5   REFUSAL OF ACCESS

      The Company may instruct the company secretary of the Company that he or
      she must, on the instructions of the Board, refuse access by the
      Covenantee if:

      (a)   access is inconsistent with the Covenantee's obligations in this
            Deed;

      (b)   access may cause waivers of the Company's or a related body
            corporate's legal professional privilege attaching to those
            Documents and access is requested by the Covenantee at a time during
            which the Covenantee and the Company or any of its related bodies
            corporate are involved or potentially involved, as determined by the
            Company acting in good faith, against each other.

9.6   RESOURCES

      The Company must provide the company secretary with adequate resources to
      discharge his responsibilities under this Clause 9.

10.   RIGHT TO KEEP DOCUMENTS

      Subject to Clause 11, the Company acknowledges that the Covenantee may
      keep and retain possession of any Document given or delivered to the
      Covenantee during the time that the Covenantee is an Officer unless:

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

      (a)   the Company reserved its right to recall the Document when the
            Document was delivered or given to the Covenantee and the Company
            has in fact recalled the Document;

      (b)   conditions regarding possession or disposal of the Document were
            attached to the Document when the Document was delivered or given to
            the Covenantee, in which case those conditions shall have effect
            according to their terms; or

      (c)   the Document is the property of a Subsidiary, in which case the
            Covenantee must return the Document and all copies of it to the
            Subsidiary upon the Covenantee ceasing to be an Officer.

11.   PRESERVATION OF CONFIDENTIALITY AND LEGAL PROFESSIONAL PRIVILEGE

11.1  CONFIDENTIALITY

      The Covenantee must keep confidential all confidential information
      contained in a document or other material included in the Books of the
      Company which the Covenantee has had access to or which the Covenantee
      possesses and the Covenantee must not divulge or release that information
      to any person other than in the course of seeking legal advice or as
      authorised in writing by the Company or as required by an order of a
      Court.

11.2  LEGAL PROFESSIONAL PRIVILEGE

      If a document or other material included in the Books of the Company which
      the Covenantee has access to or which the Covenantee possesses is the
      subject of legal professional privilege to the benefit of both the Company
      and the Covenantee, the Covenantee must not do any act or thing or omit to
      do any act or thing which act or thing or omission will cause that
      privilege to be waived, extinguished or lost.

11.3  NO LIMITATION

      Clauses 11.1 and 11.2 shall not be taken to derogate from or to limit any
      duty owed by the Covenantee to the Company.

12.   OTHER RIGHTS

      The benefits and rights provided or in favour of the Covenantee under this
      Deed shall be construed separately from and shall not derogate from any
      other rights which the Covenantee may have under any law, the Constitution
      of the Company, or otherwise and shall continue in force and effect during
      the period referred to in Clause 4.7 notwithstanding any of the events
      mentioned in that clause.

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

13.   GOVERNING LAW

      This document is governed by, and is to be interpreted in accordance with,
      the laws of New South Wales, The parties submit to the non-exclusive
      jurisdiction of the courts exercising jurisdiction there.

14.   SEVERANCE

      If any part, being a word, sentence, paragraph or otherwise, of this
      document is, or becomes, void or unenforceable, that part is, or will be,
      severed from this document so that all parts that are not, or do not
      become, void or unenforceable remain in full force and effect and are
      unaffected by that severance.

15.   NOTICES

      Any notice given under this Deed:

      (a)   must be in writing addressed to the intended recipient at the
            address shown below:

      (c)   THE COMPANY:

            James Hardie Industries Limited
            65 York Street
            Sydney NSW 2000
            Attention: Company Secretary
            Fax: 9262 5758

            THE COVENANTEE:

            [Name]
            [Address]

            or the address last notified by the intended recipient to the
            sender;

      (d)   must be signed by a person duly authorised by the sender, and

      (e)   will be taken to have been given when delivered, received or left at
            the above address. If delivery or receipt occurs on a day when
            business is not generally carried on in the place to which the
            notice is sent, or is later than 4pm (local time), it will be taken
            to have been duly given at the commencement of business on the next
            day when business is generally carried on in that place.

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ACCESS INDEMNITY AND INSURANCE DEED                        ALLEN ALLEN & HEMSLEY

16.   NO WAIVER

      No failure to exercise and no delay in exercising any right, power or
      remedy under this Deed will operate as a waiver. Nor will any single or
      partial exercise of any right, power or remedy preclude any other or
      further exercise of that or any other right, power or remedy.

17.   AMENDMENT

      This Deed may be amended only by another deed executed by all parties.

EXECUTED and DELIVERED as a deed.

JAMES HARDIE INDUSTRIES          )
LIMITED                          )
                                 )
__________________________________        ______________________________________
Signature                                 Signature

__________________________________        ______________________________________
Name                                      Name

__________________________________        ______________________________________
Director                                  Secretary
SIGNED SEALED and DELIVERED      )
by                               )
in the presence of:              )        ______________________________________
                                          Signature

__________________________________        ______________________________________
Witness                                   Name

__________________________________
Print name

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                                                                    EXHIBIT 4.18

                                     FORM OF

                      JOINT AND SEVERAL INDEMNITY AGREEMENT

      This Joint and Several Indemnity Agreement (this "Agreement") is made as
of ___________ by and between James Hardie Industries N.V., a company
incorporated under the laws of The Netherlands with its corporate seat at
Amsterdam, The Netherlands, ("Parent"), and James Hardie Building Products Inc,
a corporation formed under the laws of the State of Nevada and a wholly-owned
subsidiary of Parent ("Corporation" and together with Parent, the "Indemnitors")
on the one hand, and _____________ (the "Indemnitee"), on the other.

                                    RECITALS

      The Indemnitee is an employee or agent of the Corporation and/or an
Affiliate Indemnitee (as hereinafter defined). Each of the Indemnitors and the
Indemnitee recognize the increased risk of litigation and other claims being
asserted against employees or agents of public companies in today's environment.

      The Articles of Association of Parent and the Certificate of Incorporation
and Bylaws of Corporation (collectively, the "Charter Documents") permit the
Indemnitors to indemnify their respective employees and agents as currently
provided therein. The Charter Documents permit the Indemnitors to furnish
similar protection or make other arrangements (any such protection or
arrangement, an "Indemnification Arrangement") on behalf of the Indemnitee
against personal liability (including, but not limited to, providing for
Advanced Amounts as hereinafter defined) asserted against him or incurred by or
on behalf of him in such capacity as an employee or agent of such Indemnitor or
as an Affiliate Indemnitee, or arising out of his status as such, whether or not
such Indemnitor would have the power to indemnify him against such liability
under the provisions of this Agreement or under applicable law, (including Title
7 of the Nevada Revised Statutes hereinafter the "General Corporation Law") as
it may then be in effect.

      In part to provide the Indemnitee with specific contractual assurance of
substantial protection against personal liability (regardless of, among other
things, any amendment to or revocation of the aforementioned provisions of any
of the Indemnitor's Charter Documents or any change in the composition of such
Indemnitor's Board of Directors [in respect of Parent such term refers to its
Joint Board, Managing Board or Supervisory Board] or control of such
Indemnitor), each of the Indemnitors desires to enter into this Agreement. The
General Corporation Law expressly recognizes that the indemnification provisions
of the General Corporation Law are not exclusive of any other rights to which a
person seeking indemnification may be entitled under the Charter Documents, or
any other agreement providing for indemnification, or a resolution of
stockholders or directors, or otherwise, and the Charter Documents of the
Indemnitors expressly recognize that the indemnification provisions of the
Charter Documents shall not be deemed exclusive of, and shall not affect, any
other rights to which a person seeking indemnification may be entitled under any
agreement.

      In order to induce the Indemnitee to serve as an employee and/or agent of
the Corporation and in consideration of the Indemnitee's so serving, each of the
Indemnitors desires jointly and severally to hold harmless and indemnify the
Indemnitee and to make arrangements

<PAGE>

pursuant to which the Indemnitee may be advanced or reimbursed expenses incurred
by the Indemnitee in certain proceedings, in every case to the fullest extent
authorized or permitted by the General Corporation Law, or any other applicable
law, the Charter Documents, or by any amendment thereof or other statutory
provisions authorizing or permitting such indemnification which are adopted
after the date hereof (but, in the case of any such amendment, only to the
extent that such amendment permits the Indemnitor to provide broader
indemnification rights than the General Corporation Law, or other applicable
law, or the Charter Documents, permitted such Indemnitor to provide prior to
such amendment).

      NOW, THEREFORE, in consideration of the foregoing recitals and of the
Indemnitee's willingness to serve the Corporation as an employee and/or agent,
the parties agree as follows:

      1. Service by the Indemnitee. The Indemnitee shall serve and continue to
serve as an employee and/or agent of the Corporation so long as he is retained
in such capacity or until such time as he tenders his resignation in writing.
Subject to any other contractual obligation or other obligation imposed by
operation of law, the Indemnitee may at any time and for any reason resign from
such position. If the Indemnitee serves in any other capacity with respect to
either Indemnitor or any Affiliate Indemnitor (as hereinafter defined), nothing
in this Agreement will confer upon the Indemnitee the right to continue in the
employ of either Indemnitor or the Affiliate Indemnitor or affect the right of
either Indemnitor or the Affiliate Indemnitor to terminate the Indemnitee's
employment at any time in the sole discretion of such Indemnitor and/or the
Affiliate Indemnitor, with or without cause.

      2. Indemnification. (a) To the fullest extent permitted by applicable law
in effect on the date hereof or as such laws may from time to time be amended
and by the Charter Documents, each of the Indemnitors, jointly and severally,
shall hold harmless and indemnify the Indemnitee, his executors, administrators
or assigns against any and all expenses, liabilities and losses (including,
without limitation, investigation expenses, expert witnesses' and attorneys'
fees and expenses, judgments, penalties, fines, amounts paid or to be paid in
settlement, any interest, assessments, or other charges imposed thereon and any
federal, state, local or foreign taxes imposed as a result of actual or deemed
receipt of any payment hereunder) actually and reasonably incurred by the
Indemnitee (net of any related insurance proceeds or other amounts received by
the Indemnitee or paid by or on behalf of an Indemnitor on the Indemnitee's
behalf in compensation of such expenses, liabilities or losses) in connection
with any actual or threatened action, suit or proceeding, whether civil,
criminal, administrative or investigative or in arbitration, to which the
Indemnitee is a party or participant or is threatened to be made a party or
participant (a "Proceeding"), as a plaintiff, defendant, respondent, witness or
otherwise, based upon, arising from, relating to or by reason of the fact that
the Indemnitee: (1) is, was, shall be or shall have been an employee and/or
agent of an Indemnitor or (2) is or was serving, shall serve, or shall have
served at the request of an Indemnitor as a director, officer, partner, trustee,
fiduciary, employee or agent ("Affiliate Indemnitee") of another foreign or
domestic corporation or non-profit corporation, cooperative, partnership, joint
venture, trust, employee benefit plan, or other incorporated or unincorporated
enterprise (each, an "Affiliate Indemnitor") or arising from or relating to any
action or omission to act taken by the Indemnitee in any of the foregoing
capacities; provided, however, that, except as provided in Section 10(c) or (d)
hereof, an Indemnitor shall indemnify the Indemnitee in connection with a
Proceeding initiated by the

                                       2
<PAGE>

Indemnitee only if such proceeding (or part thereof) was authorized by a
two-thirds vote of the Board of Directors of such Indemnitor.

      (b) The Indemnitee shall be presumed to be entitled to such
indemnification under this Agreement upon submission of a written claim pursuant
to Section 8 hereof. Thereafter, the Indemnitors shall have the burden of proof
to overcome the presumption that the Indemnitee is so entitled. Such presumption
shall only be overcome by a judgment or other final adjudication, after all
appeals and all time for appeals has expired ("Final Determination"), which is
adverse to the Indemnitee and which establishes that the Indemnitee is not
entitled to any indemnity pursuant to Section 2 (e) hereof.

      (c) The termination of any Proceeding or of any claim, issue or matter
therein, by judgment, order, settlement (with or without court approval),
conviction or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself create a
presumption that Indemnitee is not entitled to indemnification or otherwise
adversely affect the rights of the Indemnitee to indemnification except as may
be provided herein.

      (d) If the Indemnitee is not wholly successful in any Proceeding but is
successful on the merits or otherwise as to one or more but less than all
claims, issues or matters in such Proceeding, the Indemnitors agree, jointly and
severally, to indemnify the Indemnitee to the maximum extent permitted by law
against all losses and expenses incurred by the Indemnitee in connection with
each successfully resolved claim, issue or matter. For purposes of this section
and without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal with or without prejudice shall be deemed to be a
successful result as to such claim, issue or matter. Neither the failure of any
of the Indemnitors (including their respective Boards of Directors, legal
counsel or stockholders) to have made a determination prior to the commencement
of such Proceeding that indemnification of the Indemnitee is proper in the
circumstances because such person has met the applicable standard of conduct,
nor an actual determination by such Indemnitor (including its Board of
Directors, its legal counsel or its stockholders) that the Indemnitee has not
met the applicable standard of conduct, shall be a defense to the action or
create a presumption that the Indemnitee has not met the applicable standard of
conduct. The purchase, establishment or maintenance of any Indemnification
Arrangement shall not in any way diminish, restrict, limit or adversely affect
the rights and obligations of any of the Indemnitors or of the Indemnitee under
this Agreement, except as expressly provided herein, and the execution and
delivery of this Agreement by the Indemnitors and the Indemnitee shall not in
any way diminish, restrict, limit or adversely affect the Indemnitee's right to
indemnification from the Indemnitors or any other party or parties under any
other Indemnification Arrangement, the Charter Documents of any of the
Indemnitors, or applicable law.

      (e) No indemnity pursuant to this Agreement shall be paid by the
Indemnitors:

            (i) in respect to remuneration paid to Indemnitee if it shall be
determined by a final judgment or other final adjudication that such
remuneration was in violation of law;

                                       3
<PAGE>

            (ii) on account of any suit in which judgment is rendered against
Indemnitee for an accounting of profits made from the purchase or sale by
Indemnitee of securities of Parent pursuant to the provisions of Section 16(b)
of the Securities Exchange Act of 1934 and amendments thereto or similar
provisions of any applicable federal, state or local statutory law;

            (iii) on account of Indemnitee's conduct which is finally adjudged
to have been knowingly fraudulent or deliberately dishonest, or to constitute
willful misconduct; or

            (iv) if a final decision by a court having jurisdiction in the
matter shall determine that such indemnification is not lawful (and, in this
respect, both the Indemnitors and the Indemnitee have been advised that the
Securities and Exchange Commission believes that (a) indemnification for
liabilities arising under the federal securities laws is against public policy
and is, therefore, unenforceable and (b) claims for indemnification should be
submitted to the appropriate court for adjudication).

      3. Indemnification for Expenses of a Witness. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is, by reason of his
status as a director, officer, employee or agent or fiduciary of an Indemnitor
or an Affiliate Indemnitor, a witness in any Proceeding to which Indemnitee is
not a party, he shall be indemnified by the Indemnitors against all expenses
actually and reasonably incurred by him or on his behalf in connection
therewith.

      4. Period of Limitations. No legal action shall be brought and no cause of
action shall be asserted by or on behalf of an Indemnitor or any affiliate of an
Indemnitor against the Indemnitee, Indemnitee's spouse, heirs, executors, or
personal or legal representatives after the expiration of two years from the
date of accrual of such cause of action, or such longer period as may be
required by applicable law under the circumstances. Any claim or cause of action
of the Indemnitor or its affiliate shall be extinguished and deemed released
unless asserted by the timely filing of a legal action within such period;
provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action the shorter period shall govern.

      5. Claims for Payments. (a) Notwithstanding any other provision of this
Agreement, to the extent allowed by applicable law, the Indemnitee shall have
the right to receive from the Indemnitors on demand or, at his option, to have
any of the Indemnitors pay promptly on his behalf, in advance of a Final
Determination of a Proceeding, all amounts payable by the Indemnitors pursuant
to the terms of this Agreement as corresponding amounts are expended or incurred
by the Indemnitee in connection with any Proceeding or otherwise (such amounts
so expended or incurred being referred to as "Advanced Amounts"). In making any
claim for payment by the Indemnitors of any amount, including any Advanced
Amounts, pursuant to this Agreement, the Indemnitee shall submit to the
Indemnitors a written request for payment (a "Claim") which includes a schedule
setting forth in reasonable detail the dollar amount expended (or incurred or
expected to be expended or incurred). Each item on such schedule shall be
supported by the bill, agreement, or other documentation relating thereto, a
copy of which shall be appended to the schedule as an exhibit. The Corporate
Secretaries of the Indemnitors shall, promptly upon receipt of such a request
for indemnification, advise the Boards of Directors in writing that Indemnitee
has requested indemnification.

                                       4
<PAGE>

      (b) Where the Indemnitee is requesting Advanced Amounts, the Indemnitee
must also provide an undertaking to repay such Advanced Amounts if a Final
Determination is made that the Indemnitee is not entitled to indemnification
hereunder. Any advances and undertakings to repay pursuant to this Section 5
shall be unsecured and interest free.

      (c) Notwithstanding the foregoing, the obligation of the Indemnitors to
pay Advanced Amounts pursuant to this Section 5 shall be subject to the
condition that, if, when and to the extent that the Indemnitors determine that
Indemnitee would not be permitted to be indemnified under applicable law,
Indemnitors shall be entitled to be reimbursed, within thirty (30) days of such
determination, by Indemnitee (who hereby agrees to reimburse Indemnitors) for
all such amounts theretofore paid; provided, however, that if Indemnitee has
commenced or thereafter commences legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee should be indemnified
under applicable law, any determination made by Indemnitors that Indemnitee
would not be permitted to be indemnified under applicable law shall not be
binding and Indemnitee shall not be required to reimburse Indemnitors for any
Advanced Amounts until a final judicial determination is made with respect
thereto (as to which all rights of appeal therefrom have been exhausted or
lapsed).

      6. Continuation of Indemnity. All agreements and obligations of the
Indemnitors contained herein shall continue during the period the Indemnitee is
an employee or agent of the Corporation (or is serving at the request of an
Indemnitor as an Affiliate Indemnitee) and shall continue thereafter so long as
the Indemnitee shall be subject to any possible Proceeding by reason of the fact
that the Indemnitee was an employee or agent of the Corporation or served as
such or in some other capacity as an Affiliate Indemnitee, whether or not
Indemnitee is acting or serving in any such capacity at the time any liability
or expense is incurred for which indemnification can be provided under this
Agreement. This Agreement shall continue in effect regardless of whether
Indemnitee continues to serve as an employee or agent of the Corporation or any
other enterprise at an Indemnitor's request.

      7. Successors: Binding Agreement. This Agreement shall be binding on, and
shall inure to the benefit of and be enforceable by, each of the Indemnitor's
successors and assigns and by the Indemnitee's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
divisees and legatees. Each Indemnitor shall require any successor or assignee
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of such Indemnitor
expressly to assume and agree in writing to perform this Agreement in the same
manner and to the same extent that such Indemnitor would be required to perform
if no such succession or assignment had taken place.

      8. Notification and Defense of Claim. (a) Promptly after receipt by the
Indemnitee of notice of the commencement of any Proceeding, the Indemnitee
shall, if a claim in respect thereof is to be made against an Indemnitor under
this Agreement, notify such Indemnitor of the commencement thereof, but the
failure to so notify such Indemnitor will not relieve the Indemnitors from any
liability which it may have to the Indemnitee (except to the extent that the
Indemnitors are prejudiced by such failure). With respect to any such
Proceeding:

      (i) Each Indemnitor shall be entitled to participate therein at its
own expense;

                                       5
<PAGE>

      (ii) Except with prior written consent of the Indemnitee, the Indemnitors
shall not be entitled to assume the defense of any Proceeding;

      (iii) No Indemnitor shall settle any Proceeding in any manner which would
impose any penalty or limitation on the Indemnitee without the Indemnitee's
prior written consent (not to be unreasonably withheld or delayed); and

      (iv) The Indemnitee shall not settle any Proceeding without the
Indemnitors' prior written consent (not to be unreasonably withheld or delayed).

      (b) Upon written request by Indemnitee for indemnification pursuant to
Section 5 hereof, a determination, if required by applicable law, with respect
to Indemnitee's entitlement thereto shall be made by the following person or
persons empowered to make such determination:

            (i) the Board of Directors of such Indemnitor by a majority vote of
a quorum of directors of such Indemnitor who are not and were not parties to the
Proceeding in respect of which indemnification is sought by Indemnitee
("Disinterested Directors"), or

            (ii) if a quorum of the Board of Directors consisting of
Disinterested Directors is not obtainable or, even if obtainable, said
Disinterested Directors so direct, by a law firm, or a member of a law firm,
that is experienced in matters of corporation law and neither presently is, nor
in the past five (5) years has been, retained to represent: (i) the Indemnitors
or Indemnitee in any matter material to either such party (other than with
respect to matters concerning the Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party
to the Proceeding giving rise to a claim for indemnification hereunder
("Independent Counsel") (notwithstanding the foregoing, the term "Independent
Counsel" shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in
representing either the Indemnitors or Indemnitee in an action to determine
Indemnitee's rights under this Agreement) in a written opinion to the Board of
Directors, a copy of which shall be delivered to Indemnitee, or

            (iii) if so directed by said Disinterested Directors, by the
stockholders of such Indemnitor; and, if it is determined that Indemnitee is
entitled to indemnification, payment to Indemnitee shall be made within ten (10)
days after such determination. Indemnitee shall cooperate with the person,
persons or entity making such determination with respect to Indemnitee's
entitlement to indemnification, including providing to such person, persons or
entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any
Independent Counsel, member of the Board of Directors, or stockholder of such
Indemnitor shall act reasonably and in good faith in making a determination
under this Agreement of the Indemnitee's entitlement to indemnification. Any
costs or expenses (including attorneys' fees and disbursements) incurred by
Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by such Indemnitor to the extent allowed by
applicable law (irrespective of the determination as to Indemnitee's entitlement
to indemnification) and the Indemnitors hereby indemnify and agree to hold
Indemnitee harmless therefrom.

                                       6
<PAGE>

      (c) If the determination of entitlement to indemnification is to be made
by Independent Counsel pursuant to Section 8(b) hereof, the Independent Counsel
shall be selected as provided in this Section 8(c). The Independent Counsel
shall be selected by the Board of Directors [subject to this Section 8(c)], and
the Indemnitor shall give written notice to Indemnitee advising him of the
identity of the Independent Counsel so selected. Indemnitee may, within seven
(7) days after receipt of such written notice of selection, deliver to the
Indemnitor a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so
selected does not meet the requirements of "Independent Counsel," as defined in
this Section 8, and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person so
selected shall act as Independent Counsel. If a written objection is made and
substantiated, the Independent Counsel selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court has determined
that such objection is without merit. If, within twenty (20) days after
submission by Indemnitee of a written request for indemnification pursuant to
Section 8(a) hereof, no Independent Counsel shall have been selected and not
objected to, the Indemnitors may petition a court of competent jurisdiction for
resolution of any objection which shall have been made by Indemnitee to the
Indemnitors' selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the court or by such other person as
the court shall designate, and the person with respect to whom all objections
are so resolved or the person so appointed shall act as Independent Counsel
under Section 8(b) hereof. The Indemnitors shall pay any and all reasonable fees
and expenses of Independent Counsel incurred by such Independent Counsel in
connection with acting pursuant to Section 8(b) hereof, and the Indemnitors
shall pay all reasonable fees and expenses incident to the procedures of this
Section 8(c), regardless of the manner in which such Independent Counsel was
selected or appointed. Upon the due commencement of any judicial proceeding or
arbitration pursuant to this Agreement, Independent Counsel shall be discharged
and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing).

      9. Security. To the extent requested by the Indemnitee and approved by the
Boards of Directors of the Indemnitors, the Indemnitors may at any time and from
time to time provide security to the Indemnitee for the Indemnitors' obligations
hereunder through a line of credit, funded trust or other collateral. Any such
security, once provided to the Indemnitee, may not be revoked or released
without the prior written consent of the Indemnitee.

      10. Enforcement. (a) Each Indemnitor has entered into this Agreement and
assumed the obligations imposed on such Indemnitor hereby in order to induce the
Indemnitee to act as an employee and/or agent of the Corporation or as an
Affiliate Indemnitee and acknowledges that the Indemnitee is relying upon this
Agreement in agreeing to serve or continuing in such capacity.

      (b) This Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof.

      (c) All expenses incurred by the Indemnitee in connection with the
preparation and submission of the Indemnitee's request for indemnification
hereunder shall be borne, jointly and

                                       7
<PAGE>

severally, by the Indemnitors. In the event the Indemnitee has requested payment
of any amount under this Agreement and has not received payment thereof within
thirty (30) days of such request, the Indemnitee may bring any action to enforce
his rights or such collect moneys due, and, if the Indemnitee is successful in
such action, the Indemnitors shall reimburse the Indemnitee for all of the
Indemnitee's fees and expenses in bringing and pursuing such action. If it is
determined that the Indemnitee is entitled to indemnification for part (but not
all) of the indemnification so requested, such fees and expenses shall be
reasonably prorated. The Indemnitee shall be entitled to the advancement of such
amounts to the full extent contemplated by Section 5 hereof in connection with
such Proceeding.

      (d) In the event that (i) Advanced Amounts are not timely provided
pursuant to Section 5 of this Agreement, (ii) no determination with respect to
the entitlement to indemnification is received by Indemnitee pursuant to Section
8 of this Agreement within twenty (20) days after receipt by the Indemnitors of
the request for indemnification or (iii) payment of indemnification is not made
within ten (10) days after a determination has been made that Indemnitee is
entitled to indemnification pursuant to Section 8 of this Agreement, Indemnitee
shall be entitled to an adjudication in a court of competent jurisdiction of his
entitlement to such indemnification. Alternatively, Indemnitee, at his option,
may seek an award in arbitration to be conducted by a single arbitrator pursuant
to the Commercial Arbitration Rules of the American Arbitration Association.
Indemnitee shall commence such proceeding seeking an adjudication or an award in
arbitration within 180 days following the date on which Indemnitee first has the
right to commence such proceeding pursuant to this Section 10(d). Indemnitors
shall not oppose Indemnitee's right to seek any such adjudication or award in
arbitration. Indemnitors shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 10 that the
procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court or before any such arbitrator
that Indemnitors are bound by all the provisions of this Agreement.

      (e) In the event that the Indemnitee is subject to or intervenes in any
Proceeding in which the validity or enforceability of this Agreement is at issue
or seeks an adjudication or award in arbitration to enforce his rights under, or
to recover damages for breach of, this Agreement, the Indemnitee, if he prevails
in whole or in part in such action, will be entitled to recover from the
Indemnitors and will be indemnified by the Indemnitors against any actual
expenses related thereto incurred by Indemnitee.

      11. Contribution. If the indemnification provided for herein in respect of
any expense, liability or loss incurred by the Indemnitee in connection with any
Proceeding is finally determined by a court of competent jurisdiction to be
prohibited by applicable law or is otherwise unavailable and may not be paid to
Indemnitee for any reason other than those set forth in paragraphs (i), (ii),
(iii) and (iv) of Section 2(e), then the Indemnitors, in lieu of indemnifying
Indemnitee, shall contribute to the amount paid or payable by Indemnitee as a
result of such expense, liability or loss in such proportion as is appropriate
to reflect (i) the relative benefits received by the Indemnitors on the one hand
and Indemnitee on the other hand from the events, circumstances, conditions,
happenings, actions or transactions from which such Proceeding arose, (ii) the
relative fault of the Indemnitors (including their affiliates) on the one hand
and of Indemnitee on the other hand in connection with the events, circumstances
and happenings which resulted in such expense, liability or loss (such relative
fault to be determined

                                       8
<PAGE>

by reference to, among other things, the parties relative intent, knowledge,
access to information and opportunity to correct or prevent the events,
circumstances and/or happenings resulting in such expense, liability or loss),
and (iii) any other relevant equitable considerations, it being agreed that it
would not be just and equitable if such contribution were determined by pro rata
or other method of allocation which does not take into account the foregoing
equitable considerations.

      12. Severability. If any provision or provisions of this Agreement shall
be held by a court of competent jurisdiction to be invalid, void, illegal or
otherwise unenforceable for any reason whatsoever, (i) the validity, legality
and enforceability of the remaining provisions of this Agreement (including,
without limitation, all portions of any sections or subsections of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not by themselves invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby, and (ii) to the fullest
extent possible, the provisions of any section or subsections of this Agreement
containing any such provisions held to be invalid, illegal or unenforceable
shall be construed so as to give effect to the intent of the parties that the
Indemnitors (or any of them) provide protection to the Indemnitee to the fullest
extent enforceable.

      13. Non-Exclusivity; Survival of Rights; Subrogation. (a) The rights of
indemnification as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under
applicable law, the Charter Documents, any other agreement, a vote of
stockholders or a resolution of directors, or otherwise. No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit or
restrict any right of Indemnitee under this Agreement in respect of any action
taken or omitted by such Indemnitee prior to such amendment, alteration or
repeal. To the extent that a change in applicable law, whether by statute or
judicial decision, permits greater indemnification than would be afforded
currently under the Charter Documents and this Agreement, it is the intent of
the parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or remedy.

      (b) In the event of payment under this Agreement, the Indemnitors shall be
subrogated to the extent of such payment to all of the rights of recovery of the
Indemnitee, who shall execute all papers required and shall do everything that
may be necessary to secure such rights, including execution of such documents as
are necessary to enable the Indemnitors to bring suit to enforce such rights..

      (c) The Indemnitors shall not be liable under this Agreement to make any
payments of amounts otherwise indemnifiable hereunder if and to the extent that
Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise.

      14. Modifications. No provision of this Agreement may be modified, waived
or discharged unless such modification, waiver or discharge is agreed to in
writing by the Indemnitee and an officer of each of the Indemnitors designated
by the Board of Directors of

                                       9
<PAGE>

such Indemnitor. No waiver by either party at any time of any breach by the
other party of, or of compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same time or at any prior
or subsequent time.

      15. Governing law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Nevada, without giving effect to the principles of conflicts of laws thereof.

      16. Notices. For the purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered by hand against a receipt
therefor, received by facsimile, or five (5) days after being mailed by United
States registered mail, return receipt requested, postage prepaid, as follows:

                                            IF TO THE INDEMNITEE:

                                            __________________________________
                                            [Address of Indemnitee]

                                            IF TO PARENT:
                                            James Hardie Industries N.V.
                                            Atrium, 8th floor
                                            Strawinskylaan 3077
                                            1077 ZX Amsterdam
                                            The Netherlands
                                            Facsimile No.:  31-6- 2244 6170

                                            WITH A COPY TO:
                                            De Brauw Blackstone Westbroek N.V.
                                            Tripolis 300
                                            Burgerweeshuispad 301
                                            P.O. Box 75084
                                            1070 AB Amsterdam
                                            The Netherlands
                                            Facsimile No.:  31-20-577-1721
                                            Attn:  Martin van Olffen

                                            AND TO:
                                            Mark Shurtleff, Esq.
                                            Gibson, Dunn & Cruthcher LLP
                                            Jamboree Center
                                            4 Park Plaza
                                            Irvine, California 92614-8557

                                       10
<PAGE>

                                            IF TO CORPORATION:
                                            James Hardie Building Products, Inc.
                                            26300 La Alameda, Ste. 100
                                            Mission Viejo, CA 92691
                                            Facsimile No.:  (949) 348-4534
                                            Attn:  CEO and/or President

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

      17. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument. Only one such counterpart
signed by the party against whom enforceability is sought needs to be produced
to evidence the existence of this Agreement.

      18. Headings; References; Pronouns. The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.
References herein to section numbers are to sections of this Agreement. All
pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as appropriate.

      19. Consent to Jurisdiction. The Indemnitors and the Indemnitee each
hereby irrevocably consent to the jurisdiction of the courts of the country of
the Netherlands and the State of Nevada for all purposes in connection with any
action or proceeding which arises out of or relates to this Agreement and agree
that any action instituted under this Agreement shall be brought only in the
country of the Netherlands or the state courts of the State of Nevada.

      20. Effectiveness. This Agreement shall be effective as of the day and
year first above written, and shall apply to any Proceedings relating to matters
which occurred prior to, on or after such date.

      IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the day and year first above written.

                                            JAMES HARDIE INDUSTRIES N.V.

                                            By: _______________________________
                                                Name:
                                                Title:

                                            JAMES HARDIE BUILDING PRODUCTS INC

                                            By: _______________________________
                                                Name:
                                                Title:

                                       11
<PAGE>

                                            INDEMNITEE

                                            By: _______________________________
                                                Name:

                                       12

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