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Texas Hazardous Substances Certificate and Indemnity Agreement

Irving Texas Hazardous Substances Certificate and Indemnity Agreement

Name: Irving Texas Hazardous Substances Certificate and Indemnity Agreement
Brand: US Legal Forms
Rating: 4.86 (349 reviews)

Category:

Texas Court Samples - Real Estate - Disclosures

State:

Texas

City:

Irving

Control #:

TX-JW-0140

Format:

Instant download

This form is available by subscription

Description

Hazardous Substances Certificate and Indemnity Agreement

Amendment to Lease or Rental Agreement

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FAQ

In contract law, indemnity is a contractual obligation of one party (indemnifier) to compensate the loss incurred to the other party (indemnity holder) due to the acts of the indemnitor or any other party.

To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.

Why are indemnification provisions important? 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.

There are 3 levels of indemnification: broad form, intermediate form, and limited form. This requires the indemnitor to pay not only for its liabilities but also for the indemnitee's liability whether the indemnitee is solely (i.e. 100%) at fault or partially at fault.

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

The most common example of indemnity in the financial sense is an insurance contract. For instance, in the case of home insurance, homeowners pay insurance to an insurance company in return for the homeowners being indemnified if the worst were to happen.

An environmental indemnity mitigates a lender's exposure for environmental risks that are associated with real property ownership by indemnifying the lender against all losses associated with environmental compliance, monitoring, and remediations (see Drafting Note, Losses).

An environmental indemnity agreement is a legal agreement between a borrower and a lender that provides security or protection from losses or damage caused by environmental contamination or disaster.

Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

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IXC is not intended for Asbestos Abatement, Completion, Hazardous Materials, Multi-Year or Indefinite Quantity. Contracts. 5215 N. O'Connor Blvd.Particularly described in the Development Agreement. (m) Hazardous Materials. Prepared By: BID NO. On This Date: 1. Service Center UST Project. 66-19. 09 Certain Liabilities and Indemnification . " First-Out Representative " means the Railroad Commission of Texas. The contract administration responsibilities set forth in the Contract.

Irving Texas Hazardous Substances Certificate and Indemnity Agreement

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Who indemnifies whom?

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