What is an indemnification clause in a contract?

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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Indemnification Agreement for a Trust

Indemnification Clause In Contract

Name: Indemnification Clause In Contract
Brand: US Legal Forms
Rating: 4.61 (479 reviews)

Category:

Trusts - Indemnification

State:

Multi-State

Control #:

US-0777-WG

Format:

Instant download

Description Indemnification Agreement Sample

Indemnitors covenant and agree to defend, indemnify and hold harmless, absolutely and unconditionally, the indemnitee from and against any and all damages, losses, claims, demands, actions, causes of actions, costs, expenses, liabilities and obligations of any kind whatsoever, including, but not limited to, attorney's fees in a certain matter.

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Indemnification Contract Other Form Names

Indemnification Document Indemnification Fill Indemnification Buy Indemnification Online Indemnification Statement Indemnification Trust Indemnity Fund

Indemnification Agreement Template FAQ

"Each party agrees to indemnify, defend, and hold harmless the other party from and against any loss, cost, or damage of any kind (including reasonable outside attorneys' fees) to the extent arising out of its breach of this Agreement, and/or its negligence or willful misconduct."

How to fill a Letter of Indemnity?A letter of indemnity must include the following key details:-The names and addresses of both parties involved.The name and affiliation of the third party.Detailed descriptions of the items being shipped.Signatures of the parties.Date of execution of the contract.

Example 1: A service provider asking their customer to indemnify them to protect against misuse of their work product. Example 2: A rental car company, as the rightful owner of the car, having their customer indemnify them from any damage caused by the customer during the course of the retnal.

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.

Interesting Questions

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An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. Indemnity is a contractual agreement between two parties.An indemnification clause basically transfers risk from one party to another.

Indemnification Clause In Contract

Description Indemnification Agreement Sample

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How to fill out Indemnification Clause In Contract?

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Indemnification Agreement Template FAQ

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Interesting Questions

What is an indemnification clause?

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Should both parties have indemnification obligations in a contract?

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What happens if a party breaches the indemnification clause?

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