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Demand for Indemnity from a Limited Liability Company LLC by Member

Santa Clara California Demand for Indemnity from a Limited Liability Company LLC by Member

Name: Santa Clara California Demand for Indemnity from a Limited Liability Company LLC by Member
Brand: US Legal Forms
Rating: 4.81 (364 reviews)

Category:

Limited Liability Company - Members

State:

Multi-State

County:

Santa Clara

Control #:

US-216LLC

Format:

Instant download

Description

This form is a demand for indemnity from a Limited Liability Company by a member.

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A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.

Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

Party A shall indemnify, defend and hold harmless Party B against any and all loss arising out of, by reason of, in connection with or as a result of third-party claims in connection with intellectual property that is the subject matter of license under this agreement.

To indemnify means to compensate someone for his/her harm or loss. 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.

"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."

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

An LLC member or manager may also be personally liable to third parties (1) for tortious conduct in which the member actually participates or (2) pursuant to the terms of a written guarantee or other contract into which the member enters, other than the operating agreement. Common law alter ego liability.

Indemnification usually transfers risk between the parties to the contract. Limitation of liability prevents or limits the transfer of risk between the parties.

Indemnification of Member by Single-Member LLCs An LLC's operating agreement can contain provisions that require the LLC to indemnify the member for losses or expenses that he or she incurs as a member.

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(b) Claims for Indemnification. Our camp for children with or without gymnastics experience under the management of excellent coaches and staff members!Complete the attached Indemnity and Hold Harmless Agreement. In the second quarter of fiscal year 2016, we began to construct a new headquarters building in Santa Clara, California, which is currently targeted. Dear Prospective Provider,. FRANCHISE DISCLOSURE DOCUMENT. Resolving disputes and his injuries, to waivers necessary to indemnify handyman? If waivers used in your waiver form of? Cupertino, Santa Clara County, California.

Santa Clara California Demand for Indemnity from a Limited Liability Company LLC by Member

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How to fill out Santa Clara California Demand For Indemnity From A Limited Liability Company LLC By Member?

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What is LLC indemnification?

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What is an indemnification clause example?

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Can a manager of an LLC be personally liable?

What is the difference between liability and indemnification?

Should an LLC indemnify its members?

Interesting Questions

What is indemnity and why does Santa Clara demand it from a Limited Liability Company (LLC)?

Can you explain why Santa Clara wants a Limited Liability Company (LLC) to provide indemnity?

What kind of harms or losses might Santa Clara need protection against?

Why does Santa Clara specifically ask for indemnity from a Limited Liability Company (LLC)?

What happens if a Limited Liability Company (LLC) refuses to provide indemnity to Santa Clara?

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