Alabama Indemnification Agreement establishing Escrow Reserve

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-217
• Format: Word; Rich Text

Description

17-217 17-217 . . . Indemnification Agreement providing that (i) in event of change in control, corporation shall establish Escrow Reserve of $2,000,000 as security for its obligations under Indemnification Agreement and (ii) in event of any liquidation, merger, consolidation or reorganization in which corporation is not surviving entity, or sale of all or substantially all of corporation's assets, corporation shall ensure that Indemnification Agreement is assumed by surviving entity or otherwise provide for satisfaction of its obligations thereunder An Alabama Indemnification Agreement establishing Escrow Reserve is a legal contract that outlines the terms and conditions for indemnification in the state of Alabama. This agreement is designed to protect parties involved in a transaction or business arrangement by establishing a reserve fund, known as an escrow reserve, to cover potential losses, damages, or liabilities. Keywords: Alabama, Indemnification Agreement, Escrow Reserve, legal contract, terms and conditions, indemnification, transaction, business arrangement, reserve fund, losses, damages, liabilities. There may be different types of Alabama Indemnification Agreement establishing Escrow Reserve based on the specific needs and requirements of the parties involved. Some common types or variations of this agreement include: 1. Purchase Agreement Indemnification with Escrow Reserve: This type of agreement is commonly used in real estate transactions, where the buyer and seller agree to indemnify each other against any potential losses or liabilities. The escrow reserve is established to hold funds that may be used to compensate for any damages or losses that may arise as a result of the transaction. 2. Employment Indemnification Agreement with Escrow Reserve: This agreement is typically used in employer-employee relationships, particularly for key executives or individuals in high-risk positions. It outlines the terms and conditions under which the employer agrees to indemnify the employee against any claims, lawsuits, or liabilities that may arise during the course of employment. An escrow reserve is established to set aside funds that can be used to cover any indemnification obligations. 3. Partnership/Shareholder Indemnification Agreement with Escrow Reserve: This type of agreement is commonly employed in business partnerships or shareholder arrangements. It establishes the terms and conditions for indemnification between the partners or shareholders, ensuring that they are protected against potential losses or liabilities arising from their involvement in the business. An escrow reserve is created to hold funds that can be used to address any indemnification requirements. 4. Vendor/Supplier Indemnification Agreement with Escrow Reserve: This agreement is used when a business engages with vendors or suppliers to procure goods or services. It outlines the terms and conditions under which the vendor or supplier agrees to indemnify the business against any damages, losses, or liabilities arising from the provision of their goods or services. An escrow reserve is established to hold funds that can be accessed if indemnification becomes necessary. In conclusion, an Alabama Indemnification Agreement establishing Escrow Reserve is a legal contract that provides indemnification protection to parties involved in a transaction or business arrangement in Alabama. It ensures that potential liabilities, losses, or damages are properly addressed by setting aside funds, known as an escrow reserve. The different types of this agreement depend on the specific context and parties involved.

An Alabama Indemnification Agreement establishing Escrow Reserve is a legal contract that outlines the terms and conditions for indemnification in the state of Alabama. This agreement is designed to protect parties involved in a transaction or business arrangement by establishing a reserve fund, known as an escrow reserve, to cover potential losses, damages, or liabilities. Keywords: Alabama, Indemnification Agreement, Escrow Reserve, legal contract, terms and conditions, indemnification, transaction, business arrangement, reserve fund, losses, damages, liabilities. There may be different types of Alabama Indemnification Agreement establishing Escrow Reserve based on the specific needs and requirements of the parties involved. Some common types or variations of this agreement include: 1. Purchase Agreement Indemnification with Escrow Reserve: This type of agreement is commonly used in real estate transactions, where the buyer and seller agree to indemnify each other against any potential losses or liabilities. The escrow reserve is established to hold funds that may be used to compensate for any damages or losses that may arise as a result of the transaction. 2. Employment Indemnification Agreement with Escrow Reserve: This agreement is typically used in employer-employee relationships, particularly for key executives or individuals in high-risk positions. It outlines the terms and conditions under which the employer agrees to indemnify the employee against any claims, lawsuits, or liabilities that may arise during the course of employment. An escrow reserve is established to set aside funds that can be used to cover any indemnification obligations. 3. Partnership/Shareholder Indemnification Agreement with Escrow Reserve: This type of agreement is commonly employed in business partnerships or shareholder arrangements. It establishes the terms and conditions for indemnification between the partners or shareholders, ensuring that they are protected against potential losses or liabilities arising from their involvement in the business. An escrow reserve is created to hold funds that can be used to address any indemnification requirements. 4. Vendor/Supplier Indemnification Agreement with Escrow Reserve: This agreement is used when a business engages with vendors or suppliers to procure goods or services. It outlines the terms and conditions under which the vendor or supplier agrees to indemnify the business against any damages, losses, or liabilities arising from the provision of their goods or services. An escrow reserve is established to hold funds that can be accessed if indemnification becomes necessary. In conclusion, an Alabama Indemnification Agreement establishing Escrow Reserve is a legal contract that provides indemnification protection to parties involved in a transaction or business arrangement in Alabama. It ensures that potential liabilities, losses, or damages are properly addressed by setting aside funds, known as an escrow reserve. The different types of this agreement depend on the specific context and parties involved.