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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Articles of Incorporation with Indemnification

Wayne Michigan Articles of Incorporation with Indemnification

Name: Wayne Michigan Articles of Incorporation with Indemnification
Brand: US Legal Forms
Rating: 4.58 (400 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Wayne

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.

How to fill out Wayne Michigan Articles Of Incorporation With Indemnification?

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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.

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.

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

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.

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).

However (and except to the extent that the MOI of a company provides otherwise), a company may, in terms of section 78(5) of the Act, indemnify a director in respect of any liability arising.

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.

To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.

Currently, under section 310 of the Companies Act 1985 (1985 Act), companies cannot exempt directors and auditors from, or indemnify them against, liability where they are negligent, in default, or in breach of duty or trust.

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In the event there exists any conflict among the terms and provisions contained within the RUD Agreement. Learn about Erie Insurance and get an online auto quote.ERIE sells auto, home, business and life insurance through independent agents. Any indemnification under sections 7. In the oilfield occurs. Pursuant to the N-PCL, a not-for-profit corporation is either charitable or non-charitable. , certificate of incorporation or bylaws). The name of the Corporation shall be the Emergency Medical Services of Northeastern. Offering Business and Personal Insurance coverage options for your home, office, autos and life. Let us protect the dreams you've worked so hard to achieve.

Wayne Michigan Articles of Incorporation with Indemnification

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