Hawaii 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 Description: A Hawaii Indemnification Agreement establishing an Escrow Reserve is a legally binding document designed to protect parties involved in a transaction or contractual agreement from financial loss or liability. This agreement is particularly relevant in situations where there may be potential risks or uncertainties that could lead to financial damages. Keywords: — Hawaii Indemnification Agreement: This refers to the specific type of indemnification agreement that is recognized and enforceable under the laws of the state of Hawaii. It signifies the legal framework within which the agreement operates. — Escrow Reserve: An escrow reserve serves as a safeguard against potential financial risks or liabilities that may arise during the course of a transaction or contractual agreement. It involves setting aside a certain amount of funds in an escrow account, ensuring that there are sufficient resources available to cover any unforeseen expenses or damages. Types of Hawaii Indemnification Agreement establishing Escrow Reserve: 1. Real Estate Escrow Indemnification Agreement: This type of agreement is commonly used in real estate transactions in Hawaii. It establishes an escrow reserve to protect both buyers and sellers from potential financial losses that may arise during the transaction process, such as property defects or title issues. 2. Construction Contract Escrow Indemnification Agreement: This agreement is often employed in construction projects in Hawaii. It provides an escrow reserve to safeguard all parties involved, including contractors, subcontractors, and project owners, from unforeseen costs, delays, or disputes that may arise during the construction phase. 3. Business Acquisition Escrow Indemnification Agreement: In the context of business acquisitions or mergers, this type of indemnification agreement establishes an escrow reserve to protect the buyer from potential financial risks, such as undisclosed liabilities or breaches of representations and warranties made by the seller. 4. Employment Agreement Escrow Indemnification Agreement: This agreement is commonly used in employment contracts in Hawaii, especially for high-level executives or key employees. It sets up an escrow reserve to ensure the employer's protection against potential damages caused by the employee's actions or breaches of employment agreements. Regardless of the specific type, a Hawaii Indemnification Agreement establishing an Escrow Reserve aims to mitigate financial risks and provide a sense of security to all parties involved in a transaction or contractual agreement.

Description: A Hawaii Indemnification Agreement establishing an Escrow Reserve is a legally binding document designed to protect parties involved in a transaction or contractual agreement from financial loss or liability. This agreement is particularly relevant in situations where there may be potential risks or uncertainties that could lead to financial damages. Keywords: — Hawaii Indemnification Agreement: This refers to the specific type of indemnification agreement that is recognized and enforceable under the laws of the state of Hawaii. It signifies the legal framework within which the agreement operates. — Escrow Reserve: An escrow reserve serves as a safeguard against potential financial risks or liabilities that may arise during the course of a transaction or contractual agreement. It involves setting aside a certain amount of funds in an escrow account, ensuring that there are sufficient resources available to cover any unforeseen expenses or damages. Types of Hawaii Indemnification Agreement establishing Escrow Reserve: 1. Real Estate Escrow Indemnification Agreement: This type of agreement is commonly used in real estate transactions in Hawaii. It establishes an escrow reserve to protect both buyers and sellers from potential financial losses that may arise during the transaction process, such as property defects or title issues. 2. Construction Contract Escrow Indemnification Agreement: This agreement is often employed in construction projects in Hawaii. It provides an escrow reserve to safeguard all parties involved, including contractors, subcontractors, and project owners, from unforeseen costs, delays, or disputes that may arise during the construction phase. 3. Business Acquisition Escrow Indemnification Agreement: In the context of business acquisitions or mergers, this type of indemnification agreement establishes an escrow reserve to protect the buyer from potential financial risks, such as undisclosed liabilities or breaches of representations and warranties made by the seller. 4. Employment Agreement Escrow Indemnification Agreement: This agreement is commonly used in employment contracts in Hawaii, especially for high-level executives or key employees. It sets up an escrow reserve to ensure the employer's protection against potential damages caused by the employee's actions or breaches of employment agreements. Regardless of the specific type, a Hawaii Indemnification Agreement establishing an Escrow Reserve aims to mitigate financial risks and provide a sense of security to all parties involved in a transaction or contractual agreement.