Ohio Indemnification Provisions are contractual clauses that outline the rights and obligations of parties involved in an agreement regarding the indemnification of one party by another in the state of Ohio. These provisions aim to allocate risks and protect parties from potential liabilities and losses arising from legal claims, damages, or expenses. In Ohio, there are primarily three types of indemnification provisions: 1. Broad Indemnification Provisions: These provisions offer the most comprehensive protection to the indemnity (the party being indemnified) and typically require the indemnity (the party providing indemnity) to indemnify and hold harmless the indemnity for any and all claims, damages, losses, and expenses, regardless of the indemnity's fault. 2. Limited Indemnification Provisions: These provisions place restrictions and limitations on the extent of indemnification provided by the indemnity. They often specify certain exclusions, such as claims resulting from the indemnity's own negligence or intentional misconduct. Limited indemnification provisions may also impose a cap on the indemnity's liability. 3. Comparative Fault Indemnification Provisions: Unique to Ohio, these provisions apply the concept of comparative fault to indemnification. Comparative fault allows the allocation of liability between parties based on the percentage of fault attributed to each party. In this scenario, the indemnity's obligation to indemnify the indemnity is reduced or eliminated in proportion to the indemnity's degree of fault. It is important to carefully consider the language and scope of Ohio Indemnification Provisions in any contractual agreement to ensure that the rights and obligations of each party are clearly defined and that the indemnification provided is in line with the specific needs and risks involved. Seeking legal counsel is advisable to draft or review these provisions accurately.
Ohio Indemnification Provisions
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FAQ
Indemnification clauses are contractual provisions that require one party (the ?Indemnitor?) to indemnify another party (the ?Indemnitee?) for losses that the Indemnitee may suffer. In prime contracts, the owner usually is the Indemnitee and the contractor is the Indemnitor.
SeeC. §153.81(A)(1)(b). Indemnification is limited to claims, damages, or loss, including reasonable attorney fees, costs, and expenses. Ohio follows the American Rule, which states that parties to litigation are to pay for their own attorneys' fees unless there is a specific exception to the rule that applies.
Simply put, an indemnification clause lays out in legal language how one company (usually the buyer) will be compensated by another for losses they suffer after a merger or acquisition takes place.
(A) A corporation may sue and be sued. (B) A corporation may adopt and alter a corporate seal and use it or a facsimile of it, but failure to affix the corporate seal shall not affect the validity of any instrument.
Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
Indemnification of Employee. Employer shall indemnify Employee and hold him harmless for lawful acts or decisions made by him in good faith while performing his duties for Employer, its parent, subsidiaries and affiliates to the full extent allowed by law.
What Is Indemnity in Insurance? Indemnity is a comprehensive form of insurance compensation for damage or loss. It amounts to a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.