This form provides boilerplate contract clauses that outline means of securing the funds for payment of any indemnity, including use of an escrow fund or set-offs.
Indemnity Provisions - Means of Securing the Payment of the Indemnity
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Multi-State
Control #:
US-ND1014
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Word;
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FAQ
Drafting of the indemnity clause An indemnifier must limit the amount of indemnities that is given while entering into a contract. An express obligation must be imposed so as to minimize the loss, and the duration of time in which the claim can be brought must be limited.
A letter of indemnity must mention the details of both the parties involved in the transaction. These details are, generally, full legal name and complete official or residential address with pin code.
As discussed, an indemnity provision transfers risk from one party (called the indemnitee) to another party (called the indemnitor). Under an indemnity provision, the indemnitor agrees to reimburse the indemnitee for losses resulting from a claim or claims brought by a third-party.
Company/Business/Individual Name shall fully indemnify, hold harmless and defend _______ and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not
Indemnity is compensation paid by one party to another to cover damages, injury or losses.An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.
You should look to limit indemnification clauses by narrowing their scope, putting in caps on damages, and clearly defining the indemnifiable acts (i.e. the representations and warranties in the example above). Also consider purchasing insurance as a means to limit your financial risk.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.