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

Massachusetts Director Favorable Director Indemnification Agreement

Name: Massachusetts 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.

How to fill out Massachusetts Director Favorable Director Indemnification Agreement?

You can invest hours online searching for the authorized file web template which fits the federal and state demands you need. US Legal Forms provides a huge number of authorized forms that happen to be examined by pros. You can easily down load or print the Massachusetts Director Favorable Director Indemnification Agreement from my assistance.

If you already possess a US Legal Forms bank account, you may log in and click on the Obtain button. After that, you may total, edit, print, or indicator the Massachusetts Director Favorable Director Indemnification Agreement. Each authorized file web template you purchase is yours for a long time. To acquire yet another duplicate associated with a acquired develop, check out the My Forms tab and click on the related button.

If you work with the US Legal Forms internet site the first time, follow the straightforward directions below:

Very first, make sure that you have chosen the correct file web template for the region/town of your choosing. Read the develop information to ensure you have selected the appropriate develop. If offered, take advantage of the Review button to search from the file web template also.
If you wish to find yet another edition in the develop, take advantage of the Look for field to find the web template that fits your needs and demands.
Upon having discovered the web template you need, click Buy now to continue.
Select the pricing plan you need, type in your accreditations, and sign up for an account on US Legal Forms.
Total the transaction. You can use your charge card or PayPal bank account to cover the authorized develop.
Select the structure in the file and down load it for your gadget.
Make adjustments for your file if needed. You can total, edit and indicator and print Massachusetts Director Favorable Director Indemnification Agreement.

Obtain and print a huge number of file layouts utilizing the US Legal Forms site, which provides the most important variety of authorized forms. Use professional and state-certain layouts to tackle your company or individual requirements.

Form Rating

4.63

Satisfied(380)

Form popularity

FAQ

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

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 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.

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.

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.

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

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.

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

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.

More info

Insurance. The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to ... What are the duties of Directors of a California nonprofit public benefit(3) The proposed transaction is the most beneficial arrangement which the ...Indemnitee agrees to serve as a director of the Company.engaged in business as an underwriter of securities shall be deemed the Beneficial Owner of any ... By JF JOHNSTON · 1978 · Cited by 150 ? that the law of directors' indemnification developed as a branch of the law ofthe contract was contrary to public policy because it provided more cover ... By ME Barrett · Cited by 10 ? Most state general corporation statutes permit a corporation to indemnify its directors, officers, employees, and agents for expenses incurred in defend-. As a result, the indemnity clause is crucial to trigger coverage and may even cover items not covered by the Additional Insured Endorsement. Any such indemnification may be provided although the person to be indemnified is no longer an officer, director, employee or agent of the corporation or of ... By KA Mayr II · 1997 · Cited by 15 ? of the Delaware Code.5 Recently, in Waltuch v. Conticommodity Services, tor and officer liability insurance policies for their directors and officers. Id. By W Effross · 1993 · Cited by 26 ? sidering whether to serve as a director or officer of a corporation .holder resolution or an indemnification agreement or contract.84. GAO analyzed the liability and indemnity provisions in agreements betweenThe Department of Transportation and STB had no comments on the report.

Massachusetts Director Favorable Director Indemnification Agreement

Description

Related forms

How to fill out Massachusetts Director Favorable Director Indemnification Agreement?

Show more info

Form Rating

Form popularity

FAQ

What is indemnification agreement?

Who provides indemnification?

What is the purpose of an indemnification agreement?

Do directors have the right to indemnification?

What is a director indemnification agreement?

When can a company indemnify its directors?

Can a UK company indemnify its directors?

Can a director indemnify another director?

What is the right to indemnification?

Are indemnification clauses legal?

More info

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