What does an indemnification clause do?

Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.

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Indemnification Agreement for a Delaware Corporation

Indemnification Agreement for a Delaware Corporation

Name: Indemnification Agreement for a Delaware Corporation
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.73 (250 reviews)

Category:

Corporations - Startup - Initial Decision on Choice of Entity

State:

Multi-State

Control #:

US-S0111AM

Format:

Instant download

Description

This form is a model miscellaneous corporate startup form. Use for a special purpose as indicated in the form. Don't reinvent the wheel, save time and money.

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FAQ

When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damages. Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

Identify Time Periods for Asserting Indemnification Rights. Provide Notice in a Timely Fashion. Notify All Concerned Parties. Understand Limitations on Recovery. Exclusive Remedy. Scope of Damages. Claims Process/Dispute Resolution.

Indemnity is defined by Black's Law Dictionary as a duty to make good any loss, damage, or liability incurred by another. Indemnity has a general meaning of holding one harmless; that is to say, that one party holds the other harmless for some loss or damage.

To indemnify someone is to absolve that person from responsibility for damage or loss arising from a transaction. Indemnification is the act of not being held liable for or being protected from harm, loss, or damages, by shifting the liability to another party.

For investment companies like mutual funds, corporate indemnification of a director is not permitted under Section 17(h) of the Investment Company Act of 1940 (1940 Act) for willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his sic officeso called

Indemnification. Indemnification is an undertaking by the company to defend the director and officer against the cost of certain claims, including legal fees, litigation awards and settlement costs.

A company can indemnify its directors against personal liability so long as the indemnity does not cover:other liabilities (such as legal costs) in criminal cases where the director is convicted, or in civil cases brought by the company where the final judgment goes against the director.

What does "Corporate Indemnification" mean?In the context of business organizations, a limited liability company or corporation will often indemnify its officers and directors, covering their expenses (including legal fees) and judgment amounts incurred by such persons as a result of their service to the entity.

Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.

Indemnification Agreement for a Delaware Corporation

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