An indemnity agreement provides that one party to the agreement will reimburse the other for loss of injury that the party may suffer because of the occurrence of a specified event, or that one party will protect the other from harm or loss. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
San Diego California General Form of an Indemnity Agreement
Category:
State:
Multi-State
County:
San Diego
Control #:
US-01158BG
Format:
Word;
Rich Text
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How to fill out General Form Of An Indemnity Agreement?
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FAQ
A general agreement of indemnity, or GIA, is a contract between the surety company and the contractor and the other indemnitors. The GIA obligates the named indemnitors to protect the surety company from any loss or expense that the surety sustains as a result of having issued bonds on behalf of the bond principal.
Historically, California law permitted Type 1 indemnity provisions in construction contracts. Type 1 indemnity provisions require a party to indemnify and defend another from any claim arising out of or related to the indemnitor's scope of work, including the active negligence or misconduct of the indemnified party.
Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.
A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
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
Letters of indemnity are issued by a third-party institution, such as a bank or insurance company, to one or both parties of a business transaction. Being legal and binding documents, they need to be signed by a witness.
Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.
A letter of indemnity is a form that registrars need shareholders to fill in before a replacement share certificate can be issued.
Title the letter as a "Letter of Indemnity" to make it clear what the document is about. Include a statement that the agreement will be governed by the laws of the specific state (where the agreement would be taken to court). Begin the letter confirming the contract already in place with the other party.