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 Mexico Director Favorable Director Indemnification Agreement

Name: New Mexico Director Favorable Director Indemnification Agreement
Brand: US Legal Forms
Rating: 4.63 (380 reviews)

Category:

Corporations - Due Diligence

State:

Multi-State

Control #:

US-DD0603

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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 Mexico Director Favorable Director Indemnification Agreement?

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

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.

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.

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.

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

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.

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. 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.

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As stated by one court in typical language: "'The general rule is that in construing contracts between attorneys and clients concerning compensation if there is ... Any creation of a new business, subsidiary, or division?Does the Charter or By-laws of the Organization provide indemnification to its Directors and.6 pages Any creation of a new business, subsidiary, or division?Does the Charter or By-laws of the Organization provide indemnification to its Directors and.Indemnification provisions and agreements are commonplace in contractsNew Mexico, Texas, and Wyoming?passed anti-indemnity acts to ... By JJ Hanks Jr · 1988 · Cited by 234 ? Maryland's new indemnification provisions, on the other hand,Mexico corporation may only eliminate the liability of a director for acts or. Movement in New York to modify corporate indemnification law that ultimatelycharter provisions or contracts to provide its officers and directors with ... 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 JD Hughes ? Finally, the article also contains a discussion of the types of indemnification permitted under Delaware law, as well as how directors' and officers' insurance. By JH Cheek III · 1969 · Cited by 22 ? The indemnification of corporate personnel is not a new problem,301 (1943); Jervis, Corporate Agreements to Pay Directors' Lvpenses in Stockholders'. Most business owners in New Mexico need workers' compensation insurance.As with individual-firm self-insurance arrangements, the WCA director must ... Our common stock is listed on the New York Stock Exchange, or NYSE,on the board of directors are filled only by a majority of the directors then ...

New Mexico Director Favorable Director Indemnification Agreement

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What is the right to indemnification?

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