This form brings together several boilerplate contract clauses that work together to outline the procedures, restrictions, exclusivity and other aspects of an indemnity provided for under the terms of the contract agreement.
Louisiana Indemnification - Long-Form Provision
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US-ND2307
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FAQ
Simply put, an indemnification clause lays out in legal language how one company (usually the buyer) will be compensated by another for losses they suffer after a merger or acquisition takes place.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."
What Is Indemnity in Insurance? Indemnity is a comprehensive form of insurance compensation for damage or loss. It amounts to a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
Under Marcel, a court will not void an additional insured undertaking where no material part of the cost of adding the additional insured to the policy was borne by the party owing indemnity.
RS 92. §1892. Payment and adjustment of claims, policies other than life and health and accident; vehicle damage claims; extension of time to respond to claims during emergency or disaster; penalties; arson-related claims suspension.
Louisiana Oilfield Anti-Indemnity Act [2] The LOAIA prohibits indemnification for an indemnitee's own negligence or fault that causes death or bodily injury to another person. Unlike the other three Oilfield Indemnity Acts, the LOAIA does not prohibit indemnification for property damage.
The TOAIA applies to agreements ?pertaining to a well for oil, gas, or water or to a mine for a mineral,? which is void if: it purports to indemnify a person against loss or liability for.
Indemnification of Employee. Employer shall indemnify Employee and hold him harmless for lawful acts or decisions made by him in good faith while performing his duties for Employer, its parent, subsidiaries and affiliates to the full extent allowed by law.
The New Mexico Oilfield Anti-Indemnity Act (NMOAIA) voids indemnity agreements that purport to indemnify a party against liability for damages caused by the party's own negligence.