New York Sample Environmental Indemnity Agreement is a legally binding contract that deals with indemnification for environmental liability in the state of New York. It provides a detailed description of the rights and obligations of parties involved in a transaction where potential environmental risks or liabilities are present. This agreement is crucial for protecting parties from unforeseen environmental costs and ensuring compliance with the laws and regulations of New York. Keywords: New York, Sample Environmental Indemnity Agreement, indemnification, liability, environmental risks, compliance, laws and regulations. Types of New York Sample Environmental Indemnity Agreements: 1. Purchase and Sale Agreement: This type of agreement is commonly used in real estate transactions, where the buyer agrees to indemnify the seller against any environmental liabilities associated with the property being sold. It covers potential contamination, cleanup costs, and any future claims related to environmental issues. 2. Lease Agreement: A lease agreement with an environmental indemnity clause is often used in commercial leasing to protect both the landlord and the tenant. It specifies the responsibilities of each party regarding environmental compliance, contamination, and remediation costs during the lease term and beyond. 3. Financing Agreement: In transactions involving financing for projects that may have environmental risks, such as construction or development, a financing agreement with an environmental indemnity provision is crucial. It safeguards the lender's interests by holding the borrower accountable for any environmental damages, liabilities, or regulatory violations. 4. Mergers and Acquisitions Agreement: When companies undergo mergers or acquisitions, an environmental indemnity agreement is often included to allocate environmental liabilities and ensure proper risk allocation. It provides protection to the acquiring company against unforeseen environmental costs and liabilities associated with the acquired business. These different types of New York Sample Environmental Indemnity Agreements address specific scenarios and are tailored to meet the needs of the parties involved in different transactions. It is essential for all parties involved to thoroughly review and understand the language and provisions of the agreement to ensure adequate protection against potential environmental liabilities.
New York Sample Environmental Indemnity Agreement
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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
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
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.
Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.
$20/Month. The cost of professional indemnity insurance varies considerably. While these policies are extremely common, and typically inexpensive for most industries, the cost can increase significantly for specialized services with much higher risks.
In a financing context, a bank commitment letter and loan agreement often provide that the borrower will indemnify the agent banks and lenders for losses, liabilities, and related expenses they incur from litigation or other claims related to the loan or the borrower (such as environmental liabilities).
Company/Business/Individual Name shall fully indemnify, hold harmless and defend and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not
A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.
An environmental indemnity mitigates a lender's exposure for environmental risks that are associated with real property ownership by indemnifying the lender against all losses associated with environmental compliance, monitoring, and remediations (see Drafting Note, Losses).
Hazardous Substances Agreement means that certain Certificate and Indemnity Agreement Regarding Building Laws and Hazardous Substances of even date herewith executed by Borrower in favor of Lenders and Agent substantially in the form of Exhibit H attached hereto, as such certificate and indemnity agreement may be