An Indemnification Agreement between Shareholders who have Jointly and Severally Guaranteed Debt of Corporation is a legally binding contract between two or more shareholders of a company. This agreement stipulates that the shareholders agree to assume joint and several liabilities for any debt incurred by the corporation. The agreement outlines the responsibilities of each shareholder in terms of repayment of any debt and also establishes a framework for the indemnification of any shareholder from any liability related to the debt. Depending on the agreement, the shareholders may be required to indemnify each other for losses incurred as a result of the debt. The two main types of Indemnification Agreement between Shareholders who have Jointly and Severally Guaranteed Debt of Corporation are Mutual Indemnification and Proportional Indemnification. Mutual Indemnification requires each shareholder to assume an equal share of responsibility for any debt incurred by the corporation. Proportional Indemnification stipulates that each shareholder is responsible for a proportional share of the debt based on their respective ownership stake in the company. Both agreements may also contain provisions for the reimbursement of legal fees and other expenses incurred in relation to the debt.
Indemnification Agreement
Description Indemnification Agreement Contract
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