Rhode Island Indemnification Agreement establishing Escrow Reserve

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-217
• Format: Word; Rich Text

Description

17-217 17-217 . . . Indemnification Agreement providing that (i) in event of change in control, corporation shall establish Escrow Reserve of $2,000,000 as security for its obligations under Indemnification Agreement and (ii) in event of any liquidation, merger, consolidation or reorganization in which corporation is not surviving entity, or sale of all or substantially all of corporation's assets, corporation shall ensure that Indemnification Agreement is assumed by surviving entity or otherwise provide for satisfaction of its obligations thereunder Rhode Island Indemnification Agreement establishing Escrow Reserve is a legal document used to protect parties involved in a transaction by holding funds in escrow to cover potential losses or damages. It provides a mechanism to compensate one party in the event that the other fails to meet their obligations or causes any harm. This agreement is commonly utilized in various industries such as real estate, mergers and acquisitions, or as a part of commercial contracts in Rhode Island. The Rhode Island Indemnification Agreement establishing Escrow Reserve is typically drafted for specific purposes and can vary based on the nature of the transaction. Some common types of these agreements include: 1. Real Estate Purchase Agreement: In a real estate transaction, this agreement ensures that funds are held in escrow to protect both the buyer and seller. The escrow reserve is established to cover any potential breaches of contract, defects in title, or property damage. 2. Mergers and Acquisitions Agreement: When two companies merge or one acquires another, an indemnification agreement with an escrow reserve is often established to safeguard the interests of all parties involved. It may cover potential contingencies such as breaches of representations and warranties, undisclosed liabilities, or intellectual property disputes. 3. Commercial Contract Agreement: In business contracts, such as joint ventures or partnerships, parties may include an indemnification clause with an escrow reserve to mitigate risks. This can help indemnify one party against losses arising from contract breaches, non-performance, or any violation of local laws and regulations. The Rhode Island Indemnification Agreement establishes the terms and conditions under which the escrow reserve will be maintained, released, and disbursed. It outlines the specific triggering events that may allow for indemnification, the timeframe for making claims, and the procedures for dispute resolution. Keywords: Rhode Island, Indemnification Agreement, Escrow Reserve, legal document, protect parties, transaction, potential losses, damages, real estate, mergers and acquisitions, commercial contracts, specific purposes, real estate purchase agreement, breaches of contract, defects in title, property damage, mergers and acquisitions agreement, representations and warranties, undisclosed liabilities, intellectual property disputes, commercial contract agreement, joint ventures, partnerships, non-performance, breaches, trigger event, disbursed, dispute resolution.

Rhode Island Indemnification Agreement establishing Escrow Reserve is a legal document used to protect parties involved in a transaction by holding funds in escrow to cover potential losses or damages. It provides a mechanism to compensate one party in the event that the other fails to meet their obligations or causes any harm. This agreement is commonly utilized in various industries such as real estate, mergers and acquisitions, or as a part of commercial contracts in Rhode Island. The Rhode Island Indemnification Agreement establishing Escrow Reserve is typically drafted for specific purposes and can vary based on the nature of the transaction. Some common types of these agreements include: 1. Real Estate Purchase Agreement: In a real estate transaction, this agreement ensures that funds are held in escrow to protect both the buyer and seller. The escrow reserve is established to cover any potential breaches of contract, defects in title, or property damage. 2. Mergers and Acquisitions Agreement: When two companies merge or one acquires another, an indemnification agreement with an escrow reserve is often established to safeguard the interests of all parties involved. It may cover potential contingencies such as breaches of representations and warranties, undisclosed liabilities, or intellectual property disputes. 3. Commercial Contract Agreement: In business contracts, such as joint ventures or partnerships, parties may include an indemnification clause with an escrow reserve to mitigate risks. This can help indemnify one party against losses arising from contract breaches, non-performance, or any violation of local laws and regulations. The Rhode Island Indemnification Agreement establishes the terms and conditions under which the escrow reserve will be maintained, released, and disbursed. It outlines the specific triggering events that may allow for indemnification, the timeframe for making claims, and the procedures for dispute resolution. Keywords: Rhode Island, Indemnification Agreement, Escrow Reserve, legal document, protect parties, transaction, potential losses, damages, real estate, mergers and acquisitions, commercial contracts, specific purposes, real estate purchase agreement, breaches of contract, defects in title, property damage, mergers and acquisitions agreement, representations and warranties, undisclosed liabilities, intellectual property disputes, commercial contract agreement, joint ventures, partnerships, non-performance, breaches, trigger event, disbursed, dispute resolution.