This form provides boilerplate contract clauses that restrict or limit the dollar exposure of any indemnity under the contract agreement with regards to taxes or insurance considerations.
Illinois Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations
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Multi-State
Control #:
US-ND1011
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Word;
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How to fill out Indemnity Provisions - Dollar Exposure Of The Indemnity Regarding Tax And Insurance Considerations?
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FAQ
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
If an indemnity is considered appropriate, when negotiating the indemnity, parties should take into consideration the potential impact of the indemnity on their insurance coverage, their risk of exposure to liability under the contract, and whether any limitations or restrictions should be imposed on the indemnity to ...
Upon the occurrence of any Event for which you may become entitled to indemnity in ance with the above, the Company shall make available to you, from time to time, the amounts of money required to cover the various expenses and other payments involved in the handling of any legal proceedings against you in ...
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
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.
The Company shall indemnify and hold Employee harmless to the fullest extent permitted by the laws of the Company's state of incorporation in effect at the time against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney's ...
