What's an example of indemnity?

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.

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Indemnification Agreement for Sale of Real Estate with Planted Timber

Fairfax Virginia Indemnification Agreement for Sale of Real Estate with Planted Timber

Name: Fairfax Virginia Indemnification Agreement for Sale of Real Estate with Planted Timber
Brand: US Legal Forms
Rating: 4.81 (443 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Fairfax

Control #:

US-01619

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Instant download

Description

The purchaser agrees to buy certain property from the seller. A portion of the property was planted in pines with government assistance. Purchaser agrees to abide by the terms and provisions and conditions of the agreement and if a violation occurs, purchaser will hold seller harmless for any due payments.

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How to fill out Fairfax Virginia Indemnification Agreement For Sale Of Real Estate With Planted Timber?

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FAQ

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.

Include the indemnifier's name, address, and whether they are an individual or company in the agreement. If there are multiple indemnifiers, they will be jointly and individually liable for any claim or damages. This means each indemnifier is responsible for the entire claim or damages.

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.

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.

The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities.

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.

An indemnity in a contract is a promise by one party to compensate the other party for loss or damage suffered by the other party during contract performance. An indemnity is also known as a 'hold harmless' clause as one party agrees to hold the other party harmless.

Contract of Indemnity and its Essential Elements Parties to a Contract: Protection of Loss: Express or Implied: Essentials of a Valid Contract: Right of Promisee: Right to recover damages paid in a suit. Right To Recover Costs Incurred In Defending A Suit. Right To Recover Sums Paid Under Compromise.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities. 2a : indemnification sense 1. b : something that indemnifies. 3 : fee-for-service usually used attributively an indemnity plan.

The most important tip for drafting an effective indemnity is to ensure that the clause is worded to suit the particular circumstances of the contracting parties. If there is a dispute about the operation of a contractual indemnity, the balance of the contract will help to identify how the indemnity operates.

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Service, 4401 North Fairfax Drive, Mail Stop MBSP4020, Arlington, VA 22203. The title to said property in the name of the Library; to execute deeds and bills of sale for the conveyance of said property; and to expend the funds.Notarized indemnification agreement. Description of Existing Patio. Purposes of indemnification agreements and environmental response actions at a qualified facility under Minnesota Statutes, section. 115B.431.

Fairfax Virginia Indemnification Agreement for Sale of Real Estate with Planted Timber

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