Nebraska Indemnification Agreement by Witco Corporation
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How to fill out Indemnification Agreement By Witco Corporation?
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FAQ
As used herein, ?INDEMNIFY? means to agree to assume the Released Parties' liability in a situation, thereby relieving them of responsibility, and/or reimbursing the Released Party for Claims asserted against them. RELEASE OF LIABILITY AND INDEMNITY AGREEMENT - Revize revize.com ? prowerscounty ? RELEAS... revize.com ? prowerscounty ? RELEAS...
A waiver or release of liability is a contract releasing a party from liability for injuries resulting from their ordinary negligence. An indemnification agreement is a contract agreeing to reimburse the party for any monetary loss incurred as a result of a participant's engagement in an activity.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
Indemnification & Volunteer Protection ? Most nonprofit bylaws include indemnification provisions ? language that expresses the intent of the nonprofit to cover the expenses a board member might incur in defending an action and paying settlements or judgments related to his service on the board. Protecting Your Nonprofit and the Board nonprofitrisk.org ? resources ? articles ? protectin... nonprofitrisk.org ? resources ? articles ? protectin...
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.