What is the purpose of an indemnification agreement?

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

What is an example of indemnification?

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

Santa Clara California Indemnification Agreement for Sale of Real Estate with Planted Timber

Name: Santa Clara California 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:

Santa Clara

Control #:

US-01619

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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 Santa Clara California Indemnification Agreement For Sale Of Real Estate With Planted Timber?

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FAQ

There are two parties in an indemnity contract, including the indemnitee and indemnifier. The indemnitee is the party that is seeking protection, whereas the indemnifier is the one promising to hold harmless.

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

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.

Indemnification in real estate defines the buyer taking full responsibility for what should be the seller's fault otherwise. For example, you agree to purchase a property with minor flaws caused by the seller. The previous owner might have felled a tree which crashed into the roof.

Indemnification clauses are exceedingly common in many contracts, but what you should pay close attention to is the scope of your indemnification agreement. Generally, you should only agree to pay for losses arising from your own actions and not the other party's actions.

An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

In California, indemnity is defined as "a contract by which one engages to save another from a legal consequence of the conduct of one of the parties, or of some other person." Cal. Civ.

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.

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Homes located outside this area may NOT be rented as vacation rentals. Items 1 - 19 — q Commercial Real Estate q Maritime Operations. •.Oil, gas and other minerals and all timber, and all rights and interests in the foregoing;. Injuries to property on Bear River Refuge; disturbance of birds, etc. 7.3.1 Implement New Water Conservation Provisions in the Contracts .

Santa Clara California Indemnification Agreement for Sale of Real Estate with Planted Timber

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What are the two purposes of indemnity?

What is the purpose of an indemnification agreement?

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Should you agree to indemnification clause?

What is an indemnification agreement?

What is indemnification agreement California?

What is the purpose of an indemnity agreement?

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