Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara

State:
Multi-State
Control #:
US-CC-17-104M
Format:
Word; 
Rich Text
Instant download

Description

17-104M 17-104M . . . Indemnification Agreement authorizing (a) corporation to enter into Indemnity Agreements with each of its directors and officers and directors and officers of its first-tier subsidiaries and (b) establishment of Directors and Officers Indemnity Trust to (i) provide source of funds to secure corporation's obligations under Indemnity Agreements authorized under (a) above to directors and officers of corporation and its first-tier subsidiaries and (ii) advance expenses incurred by them in defense of actions, claims and proceedings against them relating to actions taken in their capacities as directors or officers
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  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara
  • Preview Form of Indemnity Agreement by Financial Corporation of Santa Barbara

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FAQ

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.

There are three main types of express indemnity clauses: broad form, intermediate form, and limited form. Broad form express indemnity clauses require the indemnitor to hold the indemnitee harmless for all liability, even if the indemnitee is solely at fault.

For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.

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.

Under this type of indemnity agreement, each party is responsible for acts caused by its negligence. Each party agrees to hold the other harmless for actions caused by its negligence. ?To spot a comparative form indemnity agreement, look for the term ?only to the extent.?

How Do You Create an Indemnification Agreement? Named Parties and Contractual Relationship. ... Governing Law and Jurisdiction. ... Indemnification Clause. ... Scope of Coverage. ... Exceptions. ... Notice and Defense of a Claim. ... Settlement and Consent Clause. ... Enforcement.

An indemnity agreement should be signed by both the indemnitor and the indemnitee. The indemnitor is the party who agrees to pay for any damages or losses that may incur, while the indemnitee is the party who agrees to be protected by the indemnity agreement.

Such letters are traditionally drafted by third-party institutions like banks or insurance companies, which agree to pay financial restitution to one of the parties, should the other party fail to live up to its obligations.

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Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara