Massachusetts Form of Indemnification Agreement refers to a legally binding contract employed by Kyle Technology Corp., a company based in Massachusetts, for the purpose of indemnifying its directors, officers, employees, and agents against certain liabilities they may incur while performing their duties. This agreement serves to protect individuals from potential legal expenses that could arise from claims, lawsuits, or other legal actions brought against them in relation to their official responsibilities. The Massachusetts Form of Indemnification Agreement by Kyle Technology Corp. typically includes the following key provisions: 1. Parties: The agreement will identify the company, Kyle Technology Corp., and the individual(s) being indemnified, such as directors, officers, employees, or agents. 2. Indemnification Scope: This section will outline the specific circumstances under which indemnification will be provided. It may encompass claims, liabilities, damages, judgments, settlements, legal costs, and other expenses incurred in the course of performing their duties. 3. Qualifications and Limitations: The agreement may outline certain conditions or restrictions for indemnification, such as exclusions for intentional misconduct, fraud, or violations of the law. Additionally, it may specify the maximum amount of indemnification, particularly if statutory limits exist. 4. Advancement of Expenses: The agreement may grant individuals the right to have their legal expenses paid in advance by the company, allowing them to defend against legal actions without incurring personal financial burdens. 5. Procedures and Notifications: This section will describe the required steps for individuals to request indemnification, including written notices, cooperation with investigations, and timely reporting of claims or lawsuits. 6. Insurance: Kyle Technology Corp. may maintain directors and officers liability insurance to complement the indemnification provisions, ensuring additional coverage and protecting both the company's and the individual's interests. It is important to note that the specific Massachusetts Form of Indemnification Agreement by Kyle Technology Corp. may vary depending on the particular roles, responsibilities, and needs of the individuals being indemnified. Therefore, there may be different versions of the agreement tailored for directors, officers, employees, and agents. By utilizing the Massachusetts Form of Indemnification Agreement, Kyle Technology Corp. aims to provide a comprehensive mechanism to shield its directors, officers, employees, and agents from potential legal risks associated with their official capacities. This agreement not only offers peace of mind to those serving the company but also helps attract and retain talented individuals by offering an added layer of protection against personal liability.
Massachusetts Form of Indemnification Agreement by Kyle Technology Corp.
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How to fill out Massachusetts Form Of Indemnification Agreement By Kyle Technology Corp.?
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The word 'indemnity' finds its roots in the Latin word 'indemnis', which stands for 'unhurt' or 'free from loss'. Hence, indemnities are also referred to as 'hold harmless' agreements.
Some common synonyms of indemnify are compensate, pay, recompense, reimburse, remunerate, repay, and satisfy. While all these words mean "to give money or its equivalent in return for something," indemnify implies making good a loss suffered through accident, disaster, warfare.
Meaning of indemnification in English the act of paying or promising to pay someone an amount of money if they suffer damage or loss: They asked for some form of indemnification in case the proposed deal was blocked. The government has allocated large sums for the indemnification of farmers whose crops are destroyed.
It is primarily intended to protect the person who is providing goods or services from being held legally liable for the consequences of actions taken or not taken in providing that service to the person who signs the form. Indemnity clauses vary widely.
Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay. This article further defines indemnity clauses.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction.
What is indemnification? 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.
Indemnification is a legal agreement by one party to hold another party blameless ? not liable ? for potential losses or damages. It is similar to a liability waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract.
Example: Indemnify and Hold Harmless Clause The supplier agrees to indemnify and hold harmless the customer against all claims arising in respect of any injury, death, sickness or ill-health caused to or suffered by the customer and its personnel as a result of performance or non-performance of this Agreement.