Missouri Indemnity Agreement between Centra Software, Inc. and officer of corporation
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How to fill out Indemnity Agreement Between Centra Software, Inc. And Officer Of Corporation?
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FAQ
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.
Insurance ? The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same extent as the most favorably insured of the company's and its affiliates' current directors and officers.
(a) The Company shall obtain and cause to be maintained in effect, with financially sound insurers, a policy of directors' and officers' liability insurance covering each of the Directors in an amount of $10,000,000 or more and upon such terms as shall be determined by the Board.
In software indemnification agreements, the intent is to balance risk associated with infringement of software rights as well as copyright. Also, indemnification clauses are provisions inserted in agreements between parties that desire to transfer risk of loss in certain events.
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job.
A general agreement of indemnity, or GIA, is a contract between the surety company and the contractor and the other indemnitors. The GIA obligates the named indemnitors to protect the surety company from any loss or expense that the surety sustains as a result of having issued bonds on behalf of the bond principal.
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 given to a director by a third party (including a parent company) will be valid provided that the company does not induce the third party to give the indemnity by, directly or indirectly, conferring a benefit on the third party or suffering a detriment on behalf of the third party.