Bexar Texas Indemnification of Buyer and Seller of Business

Name: Bexar Texas Indemnification of Buyer and Seller of Business
Brand: US Legal Forms
Rating: 4.71 (336 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Bexar

Control #:

US-02050BG

Format:

Instant download

Description

Indemnification of Buyer and Seller of Business

Contract to Demolish Building

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FAQ

To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.

To indemnify means that the seller will reimburse the buyer for a loss or liability. To defend means that the seller will pay the buyer's legal fees for suits that arise from specific risks articulated in the contract.

Indemnification usually transfers risk between the parties to the contract. Limitation of liability prevents or limits the transfer of risk between the parties.

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.

Generally, indemnification is the buyer's remedy for a breach of any promises made in the purchase agreement or losses incurred relating to specific liabilities outlined in the purchase agreement. Indemnification allocates the risk of various post-closing losses between buyer and seller.

The two parties of the contract will sign the indemnification agreement. This means the indemnitee, or the person/business/company providing the good/service, will sign the document. The indemnifier, or the person/business/company receiving the good/service, will sign the document as well.

To indemnify means to compensate someone for his/her harm or loss. 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.

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.

6.1 The Vendor will indemnify the Purchaser against, and save it harmless from, any loss, cost or damage of any nature whatsoever sustained by the Purchaser directly or indirectly by reason of a breach or inaccuracy of any of the warranties or representations.

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.

Bexar Texas Indemnification of Buyer and Seller of Business

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What does indemnification mean in a contract?

What does it mean for seller to indemnify buyer?

What is the difference between liability and indemnification?

Are indemnification agreements enforceable?

Why would a buyer indemnify a seller?

Who signs the indemnity agreement?

What does it mean to indemnify a client?

What is an example of indemnification?

Does the vendor indemnify?

What is indemnification in business?

Interesting Questions

What is indemnification in the context of buying and selling a business?

Why is indemnification important for buyers and sellers in a business transaction?

What kind of losses does indemnification cover?

Who is responsible for indemnifying the buyer and seller?

What should buyers and sellers consider when negotiating indemnification terms?

Can indemnification be limited or excluded altogether?

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