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

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

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Indemnity Agreement regarding Sale of Industrial Specialty Equipment

Queens New York Indemnity Agreement regarding Sale of Industrial Specialty Equipment

Name: Queens New York Indemnity Agreement regarding Sale of Industrial Specialty Equipment
Brand: US Legal Forms
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Contracts - Indemnification

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Queens

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US-02512BG

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To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss. The right to indemnity and the duty to indemnify commonly comes from a contractual agreement, which generally protects against liability, loss, or damage. 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.

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Most states hold that indemnity provisions are enforceable as written. These clauses will likely be construed in accordance with the rules of construction that apply to contracts generally. However, the freedom to contract will be limited by Courts who will disallow contracts in contravention of public policy.

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.

India Code: Section Details. A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity.

Special Indemnities: Special indemnities are a way for sellers to indemnify the buyer from any losses against special indemnities agreed to by the parties at the time an M&A agreement is signed.

The first--often referred to as a "Type I" clause--is one in which the "indemnitor" (that is, the person agreeing to provide protection) agrees to clearly and unequivocally indemnify another person (who is referred to as the "indemnitee") for that person's negligence, whether active or passive.

Court will not enforce an indemnification provision that indemnifies an indemnitee for its own negligence unless the intention of the parties is clearly and unambiguously expressed. Courts first look for specific language in the contract that address the fault or negligence of the indemnitee.

Key Takeaways. 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.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

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Queens New York Indemnity Agreement regarding Sale of Industrial Specialty Equipment

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Are indemnification clauses enforceable?

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What is a Type 1 indemnity agreement?

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What does indemnity mean in simple terms?

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

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What is a Queens Indemnity Agreement?

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Who is responsible for any losses or damages if a Queens Indemnity Agreement is in place?

What kind of losses or damages does a Queens Indemnity Agreement typically cover?

Can a Queens Indemnity Agreement be customized to specific needs or industry requirements?

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