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.

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Director Favorable Director Indemnification Agreement

North Dakota Director Favorable Director Indemnification Agreement

Name: North Dakota 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.

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How to fill out North Dakota Director Favorable Director Indemnification Agreement?

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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.

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.

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

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties.

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.

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

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.

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, 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.

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Nuveen Advisory Corp., 186 F.R.D. 486 (N.D. Ill. 1999).Such an agreement may be desirable because it gives the directors an additional. orchestrating this transaction, Defendants (both the Directors andthe Directors' indemnification agreement appears to be more favorable.By W Effross · 1993 · Cited by 26 ? law of indemnification, now supplanted by statute, required directors to raise a successful defense). 30 Id. 902. Vol. 7. Page 8 ... Indemnification set forth in Section 3 of this Agreement. The Director may contest a determination that he or she is not entitled to indemnification by ... The director may enter an agreement for the use of the motor vehicle- related equipment with the North Dakota museum of art established in section 54-02-11. 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-. IMPORTANT INDEMNIFICATION RIGHTS CREATED BY THE PLAIN. LANGUAGE OF FLA. STAT.CORPORATION AND ITS DIRECTORS AND IS CONTRARY TOnd. DCA 1989) . By JP Monteleone · 1996 · Cited by 88 ? (CCH) 1 302 (N.D. Ohio Sept. 29, 1 978) (determining an agency relationship only existed between the application signatory and the corporation, but not with ... An indemnification bylaw as a form of ?contract? between the corporation and its officers, directors and employees; Pope v. Crandall, 1994 WL 55731 (N.D.Ill ... Delaware, home to more than half of the nation's largest public companies,a slate of directors and seek reimbursement for proxy expenses.

North Dakota Director Favorable Director Indemnification Agreement

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How to fill out North Dakota Director Favorable Director Indemnification Agreement?

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What is a director indemnification agreement?

Are indemnification clauses legal?

What is indemnification agreement?

Can a company indemnify a director?

Do directors have the right to indemnification?

Can a UK company indemnify its directors?

What is the purpose of an indemnification agreement?

Can a director indemnify another director?

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What is the right to indemnification?

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