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Shareholder shall indemnify, defend and hold harmless the Company and its officers, directors, employees, agents, affiliates and permitted assigns (each, a Company Indemnitee) from and against any and all losses, claims, damages, liabilities, judgments, costs and expenses (including reasonable attorneys' fees)

In general, insurance transfers risk from the contracting parties to a third partyan insurance company. Indemnification usually transfers risk between the parties to the contract. Limitation of liability prevents or limits the transfer of risk between the parties.

(c) In the case of a limited liability company with more than 35 members, each of the following shall apply: (1) A manager shall cause an annual report to be sent to each of the members not later than 120 days after the close of the fiscal year.

Indemnification is a way to provide limited liability protection to the people whose role is to manage, operate or oversee a company.

Indemnification is a key protection for officers, directors and key employees, and the scope of an LLC's or corporation's indemnity provisions demands close attention. In an LLC, indemnification is completely discretionary and the scope of indemnification, if any, can be defined in the LLC's Operating Agreement.

Many LLC Acts have a provision dealing with indemnification. Some have a general statement that an LLC must indemnify members or managers for liabilities they incurred in the ordinary course of the business of the company.

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.

Member-managed LLC. A member-managed LLC is a business entity in which all members participate in the decision-making process. Each member has an equal right to manage the LLC's business, unless otherwise stated in the operating agreement. If a dispute arises, the vote of a majority generally rules.

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.

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Are Contractual Indemnity. Agreements Contracts Of Insurance?North Carolina Department of Transportation and. 77 Mobility Partners LLC, a Delaware limited liability company. (e) As a Member of the LLC, the Plan's total potential liability with respect to its investment in the real estate Project, will be limited to:. And indemnity will be set forth in the RFP, the DBA and the COMA.

Tarrant Texas Demand for Indemnity from a Limited Liability Company LLC by Member

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Can a company indemnify its shareholders?

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