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.

How is employee/employer contract important in a company industry or organization?

If drafted properly, an employment contract will provide security and protection for both the employer and the employee. From an employer's standpoint, employment contracts are often utilized to help protect the business and any trade secrets.

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Personal Guaranty of Employment Agreement Between Corporation and...

Philadelphia Pennsylvania Personal Guaranty of Employment Agreement Between Corporation and Employee

Name: Philadelphia Pennsylvania Personal Guaranty of Employment Agreement Between Corporation and Employee
Brand: US Legal Forms
Rating: 4.75 (210 reviews)

Category:

Employment - Guaranty

State:

Multi-State

County:

Philadelphia

Control #:

US-60755

Format:

Instant download

Description

This form states that the guarantor unconditionally and absolutely guarantees to employee, the full and prompt payment and performance by the employer of all of its obligations under and pursuant to the contract, together with the full and prompt payment of any and all costs and expenses of and incidental to the enforcement of this Guaranty, including, without limitation, reasonable attorneys' fees.

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FAQ

When physicians or any employees agree to contractual indemnification, they're in effect agreeing to provide the other party to the contract with more coverage than an insurance company would provide. An indemnity agreement in any employment contract should be an absolute deal-breaker.

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.

If drafted properly, an employment contract will provide security and protection for both the employer and the employee. From an employer's standpoint, employment contracts are often utilized to help protect the business and any trade secrets.

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

Clearly defined job position and role. Company specific requirements and/or protections. Length of job and duration of schedule/work hours. Pay, compensation, & benefits.

The contract links the employer and the employee in an employment relationship. The existence of an employment relationship is the starting point for the application of all labour law rules: if there is no employment relationship between the parties, the rules of labour law do not apply to that relationship.

A contract of employment is an agreement between an employer and an employee which sets out their employment rights, responsibilities and duties. These are called the 'terms' of the contract.

The contract of employment is a vital document - it regulates the terms and conditions of employment between the employer and the employee.

Under a typical indemnification provision, the employer agrees to indemnify the executive against lawsuits, claims, or demands against the employee resulting from the employee's good faith performance of his or her duties and obligations.

Indemnification is a legal concept included in many contracts whereby one party agrees to compensate and defend the other party for any damage or liability incurred due to certain acts.

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Philadelphia Pennsylvania Personal Guaranty of Employment Agreement Between Corporation and Employee

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