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.

What is the indemnification clause in real estate?

Indemnification in real estate defines the buyer taking full responsibility for what should be the seller's fault otherwise. For example, you agree to purchase a property with minor flaws caused by the seller.

What is an example of indemnification?

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

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Indemnification Agreement for Personal Property

Santa Clara California Indemnification Agreement for Personal Property

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

Category:

Contracts - Indemnification

State:

Multi-State

County:

Santa Clara

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

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

A release and indemnity agreement, also called an indemnity agreement or a hold harmless agreement, is a legal contract that releases a party from specific liabilities. Essentially, one party in the contract agrees to pay for all potential losses or damages caused by the other party.

An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

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.

Indemnification in real estate defines the buyer taking full responsibility for what should be the seller's fault otherwise. For example, you agree to purchase a property with minor flaws caused by the seller.

"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."

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 common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

There are three levels of indemnification broad, intermediate and limited form: Broad Form Indemnity.Intermediate Form Indemnity.Limited Form Indemnity.Validity of Indemnity Provisions.State-by-State Case.Operations in Multiple States.Insurance Considerations.

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Directors, employees, and volunteers from any responsibility, claims, loss or damage arising out of or in conjunction with my. SUBJECT: Approve License Agreement for the MarYCel Project at 24 East Santa.Clara Street – Private Use of Public Right-of-Way. SUMMARY. Assumption of Risk, Release of Claims and Hold Harmless Agreement. Jobs 1 - 10 of 110 — Please indicate your preference in the supplemental section of the application. When can I close the estate and distribute the assets? ("Apple") and its licensors. Queen Villas v TCB Property Management. Assumption of Risk, Release of Claims and Hold Harmless Agreement. March2018OnCampus.

Santa Clara California Indemnification Agreement for Personal Property

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What is an indemnification agreement?

What is a release and indemnification agreement?

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What is the purpose of an indemnification agreement?

What is the indemnification clause in real estate?

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What does it mean indemnity agreement?

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What is an example of indemnification?

What are the types of indemnification agreements?

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