What is the purpose of an indemnification agreement?

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.

US Legal Forms
Director Favorable Director Indemnification Agreement

Florida Director Favorable Director Indemnification Agreement

Name: Florida Director Favorable Director Indemnification Agreement
Brand: US Legal Forms
Rating: 4.63 (380 reviews)

Category:

Corporations - Due Diligence

State:

Multi-State

Control #:

US-DD0603

Format:

Instant download

Description

This is a due diligence contract provision that a company will provide reimbursement for any losses that the director may incur in business transactions.

View District of Columbia

How to fill out Florida Director Favorable Director Indemnification Agreement?

Are you currently within a place that you will need documents for either business or personal reasons just about every working day? There are plenty of legitimate file templates accessible on the Internet, but finding ones you can rely is not straightforward. US Legal Forms provides 1000s of form templates, just like the Florida Director Favorable Director Indemnification Agreement, that happen to be written to satisfy federal and state specifications.

If you are presently acquainted with US Legal Forms website and have your account, simply log in. Next, it is possible to down load the Florida Director Favorable Director Indemnification Agreement format.

Unless you offer an accounts and need to start using US Legal Forms, follow these steps:

Obtain the form you need and make sure it is for that right town/region.
Use the Review key to check the form.
Look at the explanation to actually have chosen the correct form.
In case the form is not what you are seeking, use the Look for industry to discover the form that meets your requirements and specifications.
Whenever you find the right form, click on Buy now.
Choose the rates strategy you would like, complete the specified info to generate your bank account, and buy an order making use of your PayPal or bank card.
Select a hassle-free file file format and down load your duplicate.

Find every one of the file templates you possess purchased in the My Forms menu. You can get a more duplicate of Florida Director Favorable Director Indemnification Agreement any time, if needed. Just click the needed form to down load or printing the file format.

Use US Legal Forms, by far the most extensive variety of legitimate forms, to save efforts and steer clear of errors. The assistance provides expertly created legitimate file templates which can be used for a range of reasons. Create your account on US Legal Forms and begin creating your life a little easier.

Form Rating

4.63

Satisfied(380)

Form popularity

FAQ

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.

An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

Any UK company can now indemnify any of its directors, and any director of a company in the same group, against damages, costs and interest awarded against him in civil proceedings brought by a third party, and against legal and other costs incurred in defending both civil and criminal proceedings if and when the

Indemnification is a legal agreement by one party to hold another party blameless not liable for potential losses or damages.

Further, in light of the recent amendments to Section 145, only certain officers are entitled to mandatory indemnification of expenses as a matter of law when they are successful on the merits; an indemnification agreement allows a director or officer to secure such rights in the absence of express statutory coverage.

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.

Subject to the exceptions mentioned below, the Companies Law prohibits a company and its subsidiaries from exempting any director from, or indemnifying any director against, any liability incurred by the director as a result of the director acting as a director of the company.

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.

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.

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

More info

NOW, THEREFORE, in consideration of the continued services of the Indemnitee and in order to induce the Indemnitee to continue to serve as a director/officer ... 617.0831 Indemnification and liability of officers, directors, employees, and agents.The filing or refusing to file a document does not:.The updated agreement provides that only non-employee directors andby reference to the complete text of the Indemnification Agreements, and the form of ... You've likely signed the professional services agreement without much scrutiny as to what your liabilities may be. Indemnification clauses are standard in ... However, in the absence of agreements, more detailed provisions in the bylaws are advisable. These provisions would cover matters like the ... WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available; WHEREAS, Indemnitee is a ... WHEREAS, the Florida Business Corporation Act and the Article provide that indemnification of Directors and Executive Officers of the Corporation may be ... By GT Wetherington · 1980 · Cited by 8 ? Florida Supreme Court held that an indemnification agreement would not be construed tothe contributory negligence defense as a complete bar to a plain-. (State or Other Jurisdiction of Incorporation), (Commission File Number)Mr. Qingfeng Zhou also enteredinto an independent director agreement (the ... In addition, we intend to enter into new indemnification agreements with all of our directors and executive officers prior to the completion of this ...

Florida Director Favorable Director Indemnification Agreement

Description

Related forms

How to fill out Florida Director Favorable Director Indemnification Agreement?

Show more info

Form Rating

Form popularity

FAQ

Who provides indemnification?

What is indemnification agreement?

Can a UK company indemnify its directors?

What is the right to indemnification?

What is a director indemnification agreement?

Are indemnification clauses legal?

Can a director indemnify another director?

When can a company indemnify its directors?

What is the purpose of an indemnification agreement?

Do directors have the right to indemnification?

More info

Trusted and secure by over 3 million people of the world’s leading companies