The Nebraska Indemnity Agreement between Central Software, Inc. and an officer of a corporation is a legally binding contract that outlines the terms and conditions of indemnification provided by Central Software, Inc. to its officers in Nebraska. This agreement serves to protect officers from any potential legal claims or liabilities that may arise during the course of their duties. Keywords: Nebraska Indemnity Agreement, Central Software, Inc., officer of corporation, indemnification, legal claims, liabilities. There are different types of Nebraska Indemnity Agreements between Central Software, Inc. and officers of the corporation, which include: 1. General Indemnity Agreement: This type of agreement provides broad indemnification coverage to officers, protecting them from legal claims and liabilities arising from their actions or decisions made while fulfilling their corporate obligations. 2. Defense Costs Indemnity Agreement: This agreement specifically covers legal defense costs incurred by officers in defending against claims or lawsuits relating to their role within the corporation. It ensures that officers are not financially burdened by legal fees during legal proceedings. 3. Advance of Expenses Indemnity Agreement: This type of agreement allows officers to request upfront payments or advances for reasonable expenses incurred during legal proceedings, including attorney fees, court costs, and other related expenses. Central Software, Inc. agrees to cover these expenses, ensuring officers have the necessary resources to defend themselves. 4. Indemnification for Settlements Agreement: This agreement provides indemnification coverage to officers in the event of a settlement reached between the officer and the claimant. Central Software, Inc. agrees to cover the agreed-upon settlement amount, protecting the officer from incurring personal financial loss. 5. Indemnity for Judgments Agreement: This type of agreement ensures that Central Software, Inc. will indemnify officers in Nebraska against any judgments or monetary awards imposed on them as a result of legal claims or liabilities. Central Software, Inc. takes responsibility for paying the judgments, relieving officers from personal financial liabilities. It is important to note that the specific terms and conditions of Nebraska Indemnity Agreements between Central Software, Inc. and officers of the corporation may vary depending on the individual circumstances, the officer's role, and the agreement negotiated between the parties involved. It is recommended that officers consult legal professionals to gain a thorough understanding of the specific provisions and protections outlined in their agreement.
Nebraska Indemnity Agreement between Centra Software, Inc. and officer of corporation
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How to fill out Nebraska 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.
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.
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.
(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.
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.
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.
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.