Stockholder Approval of Indemnification Agreements is a type of agreement between a company and its stakeholders that outlines the responsibility and liability of each party in the event of a claim or lawsuit against the company. It also determines the process by which the stakeholders will be compensated for any losses sustained. The agreement is typically considered a legal obligation for the company and is often subject to stockholder approval. There are two main types of Stockholder Approval of Indemnification Agreements: general indemnification and specific indemnification. General indemnification covers all potential claims that may arise against the company, while specific indemnification covers only certain claims. These agreements are used to protect companies and their stakeholders from potential litigation and financial losses.
Stockholder Approval of Indemnification Agreements
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FAQ
An agreement whereby the first party (the indemnitor) agrees to hold a second party (the indemnitee) harmless from tort liability arising out of the indemnitor's negligent act or omission.
Shareholder shall indemnify, defend and hold harmless the Company and its officers, directors, employees, agents, affiliates and permitted assigns (each, a ?Company Indemnitee?) from and against any and all losses, claims, damages, liabilities, judgments, costs and expenses (including reasonable attorneys' fees)
Three basic types of Hold Harmless Agreements are used: limited, intermediate, and broad. These forms are often seen in contracts in the construction industry.
Contractors often add hold harmless agreements to their contracts to protect their businesses against potential liability arising from their work. For example, a contractor hired to add a deck to a private home may add a clause to preempt a lawsuit if an injury occurs on the deck at a later date.
What is a letter of indemnity? A letter of indemnity is a form that registrars need shareholders to fill in before a replacement share certificate can be issued.
A hold harmless clause is used as a release of liability in a contract that protects one party from injury or property damage caused by another party. By signing the clause, the other party is agreeing not to hold business owners legally responsible for the risks involved in certain services.
A hold harmless clause provides that an organization or individual will not be held liable for any injuries or damages caused to the other party. Indemnification assures that one party will insulate another party from loss or damages.
An example of a hold harmless clause that uses indemnity language is one stating that one party shall "indemnity, defend, and hold harmless" the other "from and against claims, damages, losses, and expenses, including but not limited to attorney's fees, arising out of or resulting from negligence or misconduct in