New Mexico Indemnification Agreement by Witco Corporation
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How to fill out Indemnification Agreement By Witco Corporation?
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FAQ
Meaning of indemnification in English the act of paying or promising to pay someone an amount of money if they suffer damage or loss: They asked for some form of indemnification in case the proposed deal was blocked. The government has allocated large sums for the indemnification of farmers whose crops are destroyed.
What is indemnification? 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.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
It is primarily intended to protect the person who is providing goods or services from being held legally liable for the consequences of actions taken or not taken in providing that service to the person who signs the form. Indemnity clauses vary widely.
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction.
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.
Indemnification Expenses means any and all costs, losses, claims, damages or liabilities, joint or several, including without limitation, reasonable attorney's fees and disbursements paid by the Master Fund to Grosvenor pursuant to Section 12 of the Advisory Agreement.