What does an indemnification clause do?

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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Articles of Incorporation with Indemnification

Articles Incorporation Sample

Name: Articles of Incorporation with Indemnification
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.58 (400 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

Control #:

US-CC-17-124C

Format:

Instant download

Description Articles Incorporation

This sample form, a detailed Articles of Incorporation, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

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How to fill out Indemnification Form?

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Indemnification Statement FAQ

Indemnification under Companies Act, 2013: While Section 201 of the erstwhile Companies Act, 1956 had restricted a company from indemnifying the directors of the company, the Companies Act, 2013 does not have any such restriction and therefore, directors can now be indemnified by companies against liabilities.

To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

A company can indemnify its directors against personal liability so long as the indemnity does not cover:other liabilities (such as legal costs) in criminal cases where the director is convicted, or in civil cases brought by the company where the final judgment goes against the director.

To indemnify someone is to absolve that person from responsibility for damage or loss arising from a transaction. Indemnification is the act of not being held liable for or being protected from harm, loss, or damages, by shifting the liability to another party.

What does "Corporate Indemnification" mean?In the context of business organizations, a limited liability company or corporation will often indemnify its officers and directors, covering their expenses (including legal fees) and judgment amounts incurred by such persons as a result of their service to the entity.

An indemnity clause is a promise by one party (the indemnifying party) to be responsible for and cover the loss of the other party (the indemnified party) in circumstances where it would be unfair for the indemnified party to bear the loss. In this way, an indemnity clause is a risk management tool.

Indemnity is defined by Black's Law Dictionary as a duty to make good any loss, damage, or liability incurred by another. Indemnity has a general meaning of holding one harmless; that is to say, that one party holds the other harmless for some loss or damage.

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.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Articles Incorporation Sample

Description Articles Incorporation

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Indemnification Statement FAQ

Can a company indemnify director?

How does indemnification work?

Can a company indemnify its directors?

What does it mean to indemnify a company?

What is corporate indemnification?

How does an indemnity work?

What does indemnification mean?

What does an indemnification clause do?

Are indemnity clauses enforceable?

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