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

New Hampshire Director Favorable Director Indemnification Agreement

Name: New Hampshire 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 New Hampshire Director Favorable Director Indemnification Agreement?

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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.

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 is a legal agreement by one party to hold another party blameless not liable for potential losses or damages.

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 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.

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.

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.

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

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 under Companies Act, 2013: While Section 201 of the erstwhile Companies Act, 1956 had restricted a company from indemnifying the directors of the company, the Companies Act, 2013 does not have any such restriction and therefore, directors can now be indemnified by companies against liabilities.

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By ME Barrett · Cited by 10 ? give a corporation the power to indemnify its officers or directors underIdaho and New Hampshire have no indemnification statutes. By C Director · 1993 · Cited by 15 ? that govern the conduct of corporate directors and officers, and otherBoard Member of Butterworth Legal Publishers, Salem, New Hampshire. University of.The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same ... (the ?Corporation?) on April 9, 2014, as reported by the New York Stockhas also entered into indemnification agreements with each of its directors, ... Complete copies of RFP 18-22 are available from the Purchasing Division,contract or securing favorable treatment with respect to the awarding or ... 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 ... By JJ Hanks Jr · 1988 · Cited by 234 ? directors themselves from personal liability for money damages.2 The standardMaryland's new indemnification provisions, on the other hand,. This Standard Document is a form of indemnification agreement for directors and officers of a Delaware reporting company. In the indemnification agreement, ... Assume all such risks of injury, loss, or damage to me or to any related third party arising out of or in any way related to the above-described activities,. This agreement can be used for both officers and directors of the corporation.presumptions that make indemnification more favorable to the indemnitee ...

New Hampshire Director Favorable Director Indemnification Agreement

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