Santa Clara California Articles of Incorporation with Indemnification

Name: Santa Clara California Articles of Incorporation with Indemnification
Brand: US Legal Forms
Rating: 4.58 (400 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Santa Clara

Control #:

US-CC-17-124C

Format:

Instant download

Description

This sample form, a detailed Articles of Incorporation, 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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How to fill out Santa Clara California Articles Of Incorporation With Indemnification?

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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

1 : to secure against hurt, loss, or damage. 2 : to make compensation to for incurred hurt, loss, or damage.

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.

Owners of corporations and limited liability companies can have statutory and contractual obligations to indemnify officers, directors, managers, and members for legal fees incurred in defending litigation.

Maric Law Office A company can usually indemnify a director for his/her defense costs and/or damages, judgments and settlements if he/she was the only one responsible for the procedure and was found guilty. In such case the usual conditions would apply as to proof of the amount of damage, defense costs etc.

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).

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

The most important part of an indemnification clause is that it protects the indemnified party from lawsuits filed by third parties. This protection is important because damaged parties are still able to pursue compensation for their losses even if this clause isn't in the contract.

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.

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

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When an indemnity provision is included in the articles (or certificate) of incorporation, how should a court interpret those provisions? Plaintiff Pebley was injured in a motor vehicle accident.Subject to the provisions of the California Nonprofit Public Benefit Corporation Law and any limitations in the. Santa Clara Valley Medical Center (SCVMC) Emergency Department Expansion. Academic Search Complete: Research Scholarly FullText Articles Library Card Required. Jobs 1 - 10 of 109 — Please indicate your preference in the supplemental section of the application. Community and to promote the art and science of dentistry, and shall otherwise be as specified in the. Complete the attached Indemnity and Hold Harmless Agreement.

Santa Clara California Articles of Incorporation with Indemnification

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How to fill out Santa Clara California Articles Of Incorporation With Indemnification?

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