What is an example of indemnity contract?

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

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Sample Environmental Indemnity Agreement

Kings New York Sample Environmental Indemnity Agreement

Name: Kings New York Sample Environmental Indemnity Agreement
Brand: US Legal Forms
Rating: 4.61 (341 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Kings

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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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

When a lender loans money for a real estate transaction, the lending entity must account for potentially hazardous environmental conditions in or on the secured property. Frequently, lenders enter environmental indemnity agreements which identify how the risk of any such conditions will be parceled out.

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.

"Each party agrees to indemnify, defend, and hold harmless the other party from and against any loss, cost, or damage of any kind (including reasonable outside attorneys' fees) to the extent arising out of its breach of this Agreement, and/or its negligence or willful misconduct."

An indemnity form also limits the person's contractual and delictual liability. This means that a person indemnifies another person from liability by giving up his/her right to sue that person when s/he suffers damages, loses something or gets injured.

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

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.

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.

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

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

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Use as a ready reference tool to assist in a complete and thorough investigation. 45 pay out cost for the.(b) Supporting details are disclosed in the Capital Contribution Statement. Depending on the contract terms, the contractor may be responsible for maintenance work. Law measures up against the other major insurance markets. Item 1 - 9 — Each party agrees that, with effect from the Operative Date, the Concession Deed is varied in the manner set out in Schedule 1 to this Deed. Or a Section 173 Agreement;. •. Work plan variation to fill quarry up to RL100 or extinguishment at a lower level;. •. On the ABC to fill the gap. Public tennis center in the San Francisco Bay Area.

Kings New York Sample Environmental Indemnity Agreement

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What is the meaning of indemnity agreement?

What is environmental indemnity agreement?

What does an indemnity agreement cover?

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What is the purpose of an indemnity form?

What does indemnity mean in simple terms?

What is covered under the contract of indemnity?

Do indemnity clauses hold up in court?

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What is an example of indemnity contract?

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What is the purpose of Kings Sample Environmental Indemnity Agreement598335?

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What types of environmental damages does this agreement cover?

What happens if environmental damages occur?

Can the indemnifying party be held responsible for all costs related to environmental damages?

Is Kings Sample Environmental Indemnity Agreement598335 legally binding?

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