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 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

Sacramento California Sample Environmental Indemnity Agreement

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

Category:

Contracts - Indemnification

State:

Multi-State

County:

Sacramento

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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FAQ

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.

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

While generally, indemnity contracts for negligence are enforceable, the strict rule of construction in California is that indemnity for active negligence requires explicit language in the clause that negligence of the indemnitee is to be included.

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.

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

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.

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.

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.

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For example, the parties to a land transac- tion involving contaminated property are always free in the contract of sale to address. An environmental indemnity agreement intended for use in commercial loans, including loans characterized as nonrecourse debt.To over one million residents in the greater Sacramento region. Chapter 1: Lender Participation in the 7(A) Loan Program . Sacramento. Case Type. civil. Nature of Suit. Insurance. Cause. Global Solutions Provider. Sample Letter and Financial Report Form for the Annual Parish Report to the Faithful.

Sacramento California Sample Environmental Indemnity Agreement

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What is the purpose of an indemnification agreement?

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Are indemnification clauses enforceable in California?

What is a indemnity agreement?

What is environmental indemnity agreement?

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What is indemnification agreement California?

What is an example of indemnity contract?

What is an indemnification agreement?

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