What is the purpose of an indemnification agreement?

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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Director Favorable Director Indemnification Agreement

Virgin Islands Director Favorable Director Indemnification Agreement

Name: Virgin Islands Director Favorable Director Indemnification Agreement
Brand: US Legal Forms
Rating: 4.63 (380 reviews)

Category:

Corporations - Due Diligence

State:

Multi-State

Control #:

US-DD0603

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Instant download

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This is a due diligence contract provision that a company will provide reimbursement for any losses that the director may incur in business transactions.

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How to fill out Virgin Islands Director Favorable Director Indemnification Agreement?

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Any UK company can now indemnify any of its directors, and any director of a company in the same group, against damages, costs and interest awarded against him in civil proceedings brought by a third party, and against legal and other costs incurred in defending both civil and criminal proceedings if and when the

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.

Subject to the exceptions mentioned below, the Companies Law prohibits a company and its subsidiaries from exempting any director from, or indemnifying any director against, any liability incurred by the director as a result of the director acting as a director of the company.

Indemnification is a legal agreement by one party to hold another party blameless not liable for potential losses or damages.

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Further, in light of the recent amendments to Section 145, only certain officers are entitled to mandatory indemnification of expenses as a matter of law when they are successful on the merits; an indemnification agreement allows a director or officer to secure such rights in the absence of express statutory coverage.

Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

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Their principal is often the beneficial owner of the company whichThey received a ?Nominee Director Indemnity Agreement? in which ?Both ... Any Shareholder receiving a certificate shall indemnify and hold the Company and its Directors and officers harmless from any loss or liability which it or they ...Dissenters to a merger have the right to be paid in cash the fair value of their shares, as agreed with the company or, if agreement cannot be ... 1.2. Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers harmless from any loss or ... And the British Virgin IslandsVirgin Islands (?BVI?) established under the BVI Business Companies ActINDEMNIFICATION OF DIRECTORS AND OFFICERS. The remainder of this cover page shall be filled out for a reporting person's initialNo More Favorable TermsDirector Indemnification Agreement. Private equity funds in the British Virgin Islands (BVI) haveis also required to file a copy of its register of directors (and any ... The dividend and distribution rights set out in Clause 10 of this Memorandum; andDirector in accordance with article 42 of the Articles; and. Sunday or a public holiday in the British Virgin Islands on whichDirectors and Officers, the Company agrees that it shall, within. Public holiday in the British Virgin Islands on which banks are open for non-automatedDirectors the directors from time to time of the Company.

Virgin Islands Director Favorable Director Indemnification Agreement

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Can a UK company indemnify its directors?

What is the purpose of an indemnification agreement?

Can a director indemnify another director?

What is the right to indemnification?

Do directors have the right to indemnification?

When can a company indemnify its directors?

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What is a director indemnification agreement?

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