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.

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Directors and Officers Indemnity Trust

Contra Costa California Directors and Officers Indemnity Trust

Name: Contra Costa California Directors and Officers Indemnity Trust
Brand: US Legal Forms
Rating: 4.68 (366 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Contra Costa

Control #:

US-CC-17-105G

Format:

Instant download

Description

This sample form, a detailed Directors and Offiers Indemnity Trust, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

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Equitable indemnity principles govern the allocation of loss or damages among multiple tortfeasors whose liability for the underlying injury is joint and several. Equitable indemnity is designed to apportion liability among joint tortfeasors in direct proportion to their respective fault.

Any UK company can now indemnify any of its directors, and any director of a company in the same group, against damages, costs and interest awarded against him in civil proceedings brought by a third party, and against legal and other costs incurred in defending both civil and criminal proceedings if and when the

Indemnification under Companies Act, 2013: While Section 201 of the erstwhile Companies Act, 1956 had restricted a company from indemnifying the directors of the company, the Companies Act, 2013 does not have any such restriction and therefore, directors can now be indemnified by companies against liabilities.

Indemnification is where the company reimburses the director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

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

Under Section 145(c) of the Delaware General Corporation Law (DGCL), Delaware corporations are required, in certain circumstances, to indemnify directors and officers of the corporation for costs incurred in connection with litigation and other proceedings arising from the official's corporate role, including attorneys

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.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).

Indemnification. Indemnification is an undertaking by the company to defend the director and officer against the cost of certain claims, including legal fees, litigation awards and settlement costs.

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RECOMMENDATION(S):. 1. Amend the Post Retirement Health Benefits Trust Agreement for the County of Contra Costa as shown in.DVFF Bylaws ; Article III. Themselves or other Directors for Officer or Representation Assignments. Assigned to such terms in the Measure RR Trust Agreement. Stockholders may vote cumulatively in the election of directors. Proceeds, payment, general fund of county, 133.

Contra Costa California Directors and Officers Indemnity Trust

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FAQ

What is equitable indemnity?

Can a UK company indemnify its directors?

Can a company indemnify its directors?

Are directors indemnified?

What is indemnification agreement?

Does Dgcl require indemnification?

What is the purpose of an indemnification agreement?

What is a director indemnification agreement?

What is a corporate indemnification agreement?

What is indemnification agreement for directors and officers?

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What is the Contra Costa Directors and Officers Indemnity Trust992731?

Who is eligible to be covered by the Contra Costa Directors and Officers Indemnity Trust992731?

What types of legal claims does the Contra Costa Directors and Officers Indemnity Trust992731 protect against?

Why is it important for directors and officers to have indemnification?

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