A Missouri Indemnity (Trust) Agreement is a legal document that creates a trust in the State of Missouri for the purpose of providing indemnification to parties for losses arising out of certain activities. Generally, the parties entering into the agreement are the indemnifying party (the party providing the indemnity) and the indemnified party (the party receiving the indemnity). The agreement provides for the establishment of a trust fund which will be used to pay for losses or damages incurred by the indemnified party. The agreement sets out the terms under which the trust will be operated and administered. These terms may include the types of losses or damages the trust will cover, the amount of money to be placed in the trust, and how the trust will be managed. The two main types of Missouri Indemnity (Trust) Agreements are the Statutory Indemnity Trust Agreement and the Non-Statutory Indemnity Trust Agreement. The Statutory Indemnity Trust Agreement is established by Missouri state law and is typically used when there is an indemnified party who is not a party to the contract creating the trust. The Non-Statutory Indemnity Trust Agreement is a contractual agreement between two or more parties, and the terms of the trust are established by the parties entering into the agreement.
Missouri Indemnity (Trust) Agreement
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FAQ
Contract . In order to have an indemnity agreement the two parties above must have some form of contract between them that lays out a product or service to be exchanged. Liability . The contract should otherwise create some implied liability from the indemnitee to the indemnifier and to third parties.
Indemnity agreements, also known as indemnity clauses, play an integral role in contracts. That's because they are designed to punish the nonperforming party and reassure the damaged one they will be reimbursed for losses caused by the errant entity.
?Company/Business/Individual Name shall fully indemnify, hold harmless and defend and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not
Except as provided in subsection 2 of this section, in any contract or agreement for public or private construction work, a party's covenant, promise or agreement to indemnify or hold harmless another person from that person's own negligence or wrongdoing is void as against public policy and wholly unenforceable.
Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
Indemnity agreements, also known as indemnity clauses, play an integral role in contracts. That's because they are designed to punish the nonperforming party and reassure the damaged one they will be reimbursed for losses caused by the errant entity.
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. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.?
