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Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
A contract of indemnity is one of the most important forms of commercial contracts. Several industries, such as the insurance industry, rely on these contracts. This is because of the nature of these contracts. They basically help businesses in indemnifying their losses and, therefore, reduce their risks.
Often a company will agree to indemnify its shareholders, members, officers, and directors for actions they take in such roles on behalf of the company. In order to attract new investors in a startup, a common agreement that investors will demand is an indemnification agreement.
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.
Indemnification clauses can limit the liability of one party, reducing their financial exposure in the event of a loss or damage. Limiting their liability reduces their financial exposure and protects them against potential losses.
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.