What is an example of indemnity contract?

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

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Indemnity Agreement regarding Sale of Industrial Specialty Equipment

Indemnity Agreement With Quitclaim

Category:

Contracts - Indemnification

State:

Multi-State

Control #:

US-02512BG

Format:

Instant download

Description

The Indemnity Agreement with Quitclaim establishes a binding contract between two parties, the Indemnitor and the Indemnitee, regarding the sale of industrial specialty equipment. Key features of the document include an indemnification clause where the Indemnitor assumes liability for any damage or injury resulting from the use of the equipment, excluding any negligence by the Indemnitee. The agreement also mandates compliance with safety regulations under OSHA, a waiver of claims against the Indemnitee, and a clear outline of the procedures for handling disputes, including mandatory binding arbitration. Filling and editing instructions involve entering the names, addresses, and specific details related to the transaction and equipment involved. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in industries dealing with equipment sales, ensuring legal protection against liabilities. The clear structure and provisions of the agreement aid in mitigating risks associated with the installation and use of equipment, making it a critical document for the outlined professionals.

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FAQ

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.

This is an example of what a typical indemnification clause can look like: Party A will perform work at own risk, and indemnifies Party B against all loss, damages, expense, and liability resulting from injury to property." In this example, Party A is agreeing that even if Party B would have been found liable for an

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

Intermediate indemnity is the most common form of indemnity. With intermediate indemnity the indemnitor assumes liability if it has contributed to the fault. If the indemnitee is solely at fault, the indemnitor is not liable.

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