What is the purpose of an indemnification agreement?

Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.

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Texas Acuerdo de asunción de riesgo e indemnización con respecto a...

Indemnification Agreement For Directors - Texas Release and Indemnification Agreement

Name: Indemnification Agreement For Directors
Brand: US Legal Forms
Rating: 4.81 (427 reviews)

Category:

Texas Liberaciones - Acuerdos de Indemnización

State:

Texas

Control #:

TX-04405BG

Format:

Instant download

Description

Acuerdo que establece específicamente que el Test Driver asume los riesgos inherentes a la prueba de manejo. Además, el formulario prevé la indemnización de los costos y honorarios de abogados al propietario del carrito de golf. Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.

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Indemnification.acted in good faith.acted in a manner reasonably believed to be in or not opposed to the best interests of the corporation, and,had no reasonable cause to believe that his or her conduct was unlawful, in the case of a criminal action or proceeding.

Company/Business/Individual Name shall fully indemnify, hold harmless and defend and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not

Further, in light of the recent amendments to Section 145, only certain officers are entitled to mandatory indemnification of expenses as a matter of law when they are successful on the merits; an indemnification agreement allows a director or officer to secure such rights in the absence of express statutory coverage.

Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.

If not supplied in the governing documents (or in addition to such provisions), directors and officers may also secure indemnification rights through contract. For LLCs and other alternative entities, the discretion to provide or withhold indemnification is even broader.

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The director and officer indemnification agreement provides additional protection from the directors and officers of a Delaware corporation.

Indemnification Agreement For Directors - Texas Release and Indemnification Agreement

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FAQ

How do you indemnify a director?

How do I write an indemnity agreement?

What is a director indemnification agreement?

What is the purpose of an indemnification agreement?

Do directors have the right to indemnification?

Interesting Questions

What is an indemnification agreement for directors?

Why is an indemnification agreement important for directors in Texas?

What liabilities can directors be indemnified against?

Can directors be indemnified for intentional wrongdoing?

Are there any limitations to indemnification for directors in Texas?

How can a director obtain indemnification?

Can indemnification agreements be modified or terminated?

What should directors consider before signing an indemnification agreement?

Do indemnification agreements cover former directors?

Can directors be indemnified for settlement amounts?

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