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Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay.
Indemnification clauses allow a contracting party to: Customize the amount of risk it is willing to undertake in each transaction and with every counterparty. Protect itself from damages and lawsuits that are more efficiently borne by the counterparty.
13 Mei 2019 · Indemnity clauses are written into contracts to allow an indemnifier to take on any losses incurred by a party in the contract. They can also be used to absolve the indemnifier or the other party of liability if a breach of contract occurs, or damages/loss of goods are incurred.
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless agains...
9 Ogo 2023 · Indemnifications, or “hold harmless” provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
Indemnity Clause. A. The Association hereby agrees to indemnify the Board, the Board Secretary, each individual board member, and all administrators against any and all liability arising out of the application of the provisions of the Master Contract Agreement relating to dues deductions.
1 Feb 2023 · An indemnity clause transfers risk from one contractual party to the other in the event of loss or damages as a result of certain events. About Indemnity Clauses. Indemnity clauses are common in contracts, and they shift risk and potential costs from one contractual party to the other.
The entire purpose of an indemnification clause is to protect one party from the other’s liabilities. Although indemnification clauses are used by and between business associates, there are still limitations regarding how much responsibility one should take for another. Indemnification clauses set these limits.
25 Feb 2024 · An indemnity clause is standard in the majority of insurance agreements. However, exactly what is covered, and to what extent, depends on the specific agreement. Any indemnity agreement has...
2 Feb 2024 · Indemnity agreements, also known as indemnity clauses, play an integral role in contracts. That's because they are designed to punish the nonperforming party and reassure the damaged one they will be reimbursed for losses caused by the errant entity.
