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.

Can a director indemnify a company?

A director's indemnity involves a company undertaking to protect its directors against liabilities that they may incur in the course of performing their company's duties. A director's indemnity may be required (as in some instances by ASIC) or a company can choose to indemnify its directors.

What is a corporate indemnity agreement?

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

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Indemnity Agreement between corporation and directors officers...

Nassau New York Indemnity Agreement between corporation and directors officers employees and agents of corporation

Name: Nassau New York Indemnity Agreement between corporation and directors officers employees and agents of corporation
Brand: US Legal Forms
Rating: 4.67 (328 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Nassau

Control #:

US-CC-17-146

Format:

Instant download

Description

This sample form, a detailed Indemnity Agreement, 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 Nassau New York Indemnity Agreement Between Corporation And Directors Officers Employees And Agents Of Corporation?

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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.

There are two possible options: giving directors an exemption from any liability to the company and an indemnity against liability to third parties; taking out and paying for insurance against any liability incurred by the directors.

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

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.

A director's indemnity involves a company undertaking to protect its directors against liabilities that they may incur in the course of performing their company's duties. A director's indemnity may be required (as in some instances by ASIC) or a company can choose to indemnify its directors.

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

An Alberta corporation is not permitted to indemnify its directors for their actions if they have not acted honestly and in good faith with a view to the best interests of the corporation that is, if they have breached their fiduciary duty to the corporation.

More info

Every public corporation as defined in the general construction law. Request for Proposals. 011-2021.The Joint Commission – Continuous Survey Readiness. Items 1 - 19 — Expand Part 1.

Nassau New York Indemnity Agreement between corporation and directors officers employees and agents of corporation

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How to fill out Nassau New York Indemnity Agreement Between Corporation And Directors Officers Employees And Agents Of Corporation?

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What is a director indemnification agreement?

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Can a director indemnify a company?

How does a company indemnify its directors?

What is the meaning of indemnity agreement?

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