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.

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Indemnification of Corporate Director

Queens New York Indemnification of Corporate Director

Name: Queens New York Indemnification of Corporate Director
Brand: US Legal Forms
Rating: 4.7 (202 reviews)

Category:

Corporations - Officers and Employees

State:

Multi-State

County:

Queens

Control #:

US-13374BG

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Indemnification is where the company reimburses a director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

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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

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.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

Indemnification is where the company reimburses the director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

Indemnification. Indemnification is an undertaking by the company to defend the director and officer against the cost of certain claims, including legal fees, litigation awards and settlement costs.

What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

Indemnification clauses are common in corporations and LLCs. Often a company will agree to indemnify its shareholders, members, officers, and directors for actions they take in such roles on behalf of the company.

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Protecting the protectors: indemnification agreements for REB members. 540, Court-ordered indemnification.Note too that changes in the law of costs are frequent and numerous. (ii) The creation or filling of vacancies in the board of directors. London : Globe Law and Business Ltd. Corporation in the Merger and a whollyowned subsidiary of MICT . Ontario. Court of King's Bench, ‎Sir James Lukin Robinson, ‎Upper Canada. Moses Hazen (June 1, 1733 – February 5, 1803) was a brigadier general in the Continental Army during the American Revolutionary War. United States. Congress. House. Committee on Appropriations.

Committee on Ways and Means, ‎Amended the Judiciary Act. 1789. ‎Historical Collections, 1828–1970, ‎London, Ontario. ‎1927. Paging 115 the most important part is the acquisition of the whole of the stock of the new corporations [i.e. the shareholders] by a public offer, which gives the corporation a right to elect the directors and its own executive. All this time the directors of the former [the former members of] the original companies will continue to hold the same proportion of the stock, and the same amount of money, which they obtained in the sale they made of their stock. And it is only upon the public offer that they make out their contracts with the companies for their stock to become theirs by reason of their sale, and to give them the same proportion of the company in consequence of the redemption of their old stock.

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Queens New York Indemnification of Corporate Director

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