Alameda California Indemnification Agreement for Personal Property

Name: Alameda California Indemnification Agreement for Personal Property
Brand: US Legal Forms
Rating: 4.77 (375 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Alameda

Control #:

US-60899

Format:

Instant download

Description

Shareholders of a certain company and a particular purchaser executed an Asset Purchase Agreement. The shareholders agree to defend, and hold the purchaser harmless against any and all damages, loss, liability, or deficiency sustained or incurred by purchaser which arises out of or results from any liability or obligation which may become due.

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FAQ

In California, indemnity clauses are generally legally binding except for what is called a ?broad form? or ?no-fault? clause, in which the indemnitor is liable for all damage to the indemnitee regardless of negligence.

?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.

There are 3 levels of indemnification: broad form, intermediate form, and limited form. This requires the indemnitor to pay not only for its liabilities but also for the indemnitee's liability whether the indemnitee is solely (i.e. 100%) at fault or partially at fault.

An indemnity agreement is a contract that protects 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.?

The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.

?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

A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.

The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities. Claims.

Tips for Enforcing Indemnification Provisions Identify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.

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Agreement. Way to enter into an agreement relative to the Property.Completing the Business Property Statement (Form 571L). Taxable property in the county situated in the school district. Agreement and other necessary documents to complete the sale of surplus Caltrans property to Eden Housing. "Agreement for Land Development. Improvements", and associated Securities. Under the Board's jurisdiction as defined in the charter.

Alameda California Indemnification Agreement for Personal Property

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Are indemnification clauses enforceable in California?

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