What is the purpose of an indemnification clause in a contract?

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.

What is the meaning of indemnity clause?

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 and Warranty from Customer Regarding...

Philadelphia Pennsylvania Indemnification Agreement and Warranty from Customer Regarding Embroidering or Monogramming

Name: Philadelphia Pennsylvania Indemnification Agreement and Warranty from Customer Regarding Embroidering or Monogramming
Brand: US Legal Forms
Rating: 4.6 (331 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Philadelphia

Control #:

US-00453BG

Format:

Instant download

Description

The purpose of this form is to provide protection to a person or business who embroiders or monograms intellectual property in a item. In this form, the customer both warrants that he/she has the right to use the property and promises to indemnify the business or individual who prepares the embroidery or monogram.

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FAQ

In general, insurance transfers risk from the contracting parties to a third partyan insurance company. Indemnification usually transfers risk between the parties to the contract. Limitation of liability prevents or limits the transfer of risk between the parties.

Example 1: A service provider asking their customer to indemnify them to protect against misuse of their work product. Example 2: A rental car company, as the rightful owner of the car, having their customer indemnify them from any damage caused by the customer during the course of the retnal.

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.

For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.

Hold harmless and indemnification is a clause that should identify which party will defend and indemnify the other party in a claim situation; it may be a mutual agreement.

Enforcement of Contract of IndemnityA contract of indemnity can be invoked according to its terms like the express promise. Damages, legal costs of judgement, the amount paid under the terms of the agreement are some of the claims which Indemnity holder can include in its claims.

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.

Indemnity clauses are most commonly misused for two reasons: That if a risk is not covered by an indemnity, a party will not have adequate means of recovering its loss if the risk materialises. That an indemnity clause has advantages over a claim for damages such that if they can be used, they should be used.

Exclusive Remedy Indemnification Clause with Limitation of Liability: Excludes claim for damages under Indian law. (b) Limitation of Liability: Limitation of liability clause which states that the total liability under the agreement shall be limited to the amount and conditions stipulated for the indemnity.

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"Agreement" has the meaning set forth in the Preamble.

Philadelphia Pennsylvania Indemnification Agreement and Warranty from Customer Regarding Embroidering or Monogramming

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FAQ

What is the difference between limitation of liability and indemnification?

What is an example of indemnification clause?

What is the purpose of an indemnification clause in a contract?

What is an example of an indemnity?

What is indemnification and hold harmless agreement?

What is the meaning of indemnity clause?

How is indemnity enforced?

Are indemnification agreements enforceable?

Should I accept an indemnity clause?

What are the limitations of indemnity?

Interesting Questions

What is an indemnification agreement and why is it important?

Why do I need to sign an indemnification agreement before embroidering or monogramming?

What does the warranty from the customer regarding embroidering or monogramming entail?

Can I provide my own design for embroidering or monogramming?

What happens if there is a copyright or trademark issue with the design I provide?

What types of damages or losses are covered under the indemnification agreement?

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