Broward Florida Sample Environmental Indemnity Agreement

Name: Broward Florida Sample Environmental Indemnity Agreement
Brand: US Legal Forms
Rating: 4.61 (341 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Broward

Control #:

US-0818-WG

Format:

Instant download

Description

This is a sample form in which the Indemnitor hereby unconditionally and irrevocably indemnifies and agrees to reimburse, defend, exonerate, pay and hold harmless Lender and its directors, officers, policyholders, shareholders, employees, successors, assigns, agents, contractors, subcontractors, experts, licensees, affiliates, lessees, mortgagees, trustees and invitees, from and against any and all Environmental Damages arising from the presence of Hazardous Materials in, upon, about or beneath the Secured Property or migrating to or from the Secured Property, or arising in any manner whatsoever out of the violation of any Environmental Requirements pertaining to the Secured Property and the activities thereon, or the breach of any warranty or covenant or the inaccuracy of any representation of Indemnitor contained in the Loan Documents pertaining to Hazardous Materials or other environmental matters.

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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.

Obligation to indemnify 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. Claims. Causes of action.

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.

An environmental indemnity agreement is a legal agreement between a borrower and a lender that provides security or protection from losses or damage caused by environmental contamination or disaster.

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.

Why do I need an indemnity clause? Indemnity clauses are used to manage the risks associated with a contract, because they enable one party to be protected against the liability arising from the actions of another party.

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.

Indemnity Clause Defined Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay.

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.

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

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Environmental Indemnification. In certain circumstances, however, Florida places strict requirements and limitations on indemnity provisions in written contracts.Upon completing its' work, the Committee shall make recommendations to both the President of the BTU and the. Superintendent for final action. 4. Broward County Clerk of Circuit Court. VENDOR agrees to indemnify and hold harmless BSO, the. Sheriff, its employees, agents, or servants, Broward County, Broward County Board of. Located at 1900 SW 75th Terrace, Plantation, Broward County, Florida. County and the Company shall both have executed this Agreement. 1. Respondents should refer to Sec.

Broward Florida Sample Environmental Indemnity Agreement

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