Santa Clara California Indemnity Agreement, also known as a corporate indemnity agreement, is a legally binding contract that provides protection and financial support to directors, officers, employees, agents, and executives of a corporation based in Santa Clara, California. This agreement is designed to safeguard these individuals from legal actions, claims, liabilities, and expenses that may arise from their performance of duties and responsibilities associated with the corporation. Keywords: Santa Clara California, indemnity agreement, corporation, directors, officers, employees, agents, legal protection, financial support, liabilities, expenses, duties, responsibilities. There are three common types of Santa Clara California Indemnity Agreements: 1. General Indemnity Agreement: This type of agreement provides broad indemnification to directors, officers, employees, and agents of the corporation. It covers various legal actions, claims, liabilities, and expenses incurred while acting on behalf of the corporation. The agreement ensures that these individuals are protected from personal financial loss if they face legal challenges arising from their corporate responsibilities. 2. Defense Indemnity Agreement: In a defense indemnity agreement, the corporation agrees to provide legal defense and cover expenses incurred during legal proceedings against directors, officers, employees, and agents. This agreement is particularly valuable when legal actions are brought against individuals in their capacity as representatives of the corporation. It ensures that the corporation assumes responsibility for their legal defense costs. 3. Advancement Indemnity Agreement: An advancement indemnity agreement stipulates that the corporation will provide financial support in advance to directors, officers, employees, and agents for expenses incurred while defending legal claims. This agreement is crucial when individuals face unexpected legal challenges and require immediate financial assistance. All types of Santa Clara California Indemnity Agreements between corporations and their directors, officers, employees, and agents share a common goal — to protect individuals from personal financial liability and support them in legal matters related to their corporate responsibilities. These agreements play a vital role in attracting competent professionals to serve in key positions within the corporation and assure them that potential legal risks will not result in personal financial ruin.
Santa Clara California Indemnity Agreement between corporation and directors officers employees and agents of corporation
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How to fill out Santa Clara California Indemnity Agreement Between Corporation And Directors Officers Employees And Agents Of Corporation?
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FAQ
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 '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.
Why do I need an indemnity clause? Indemnity clauses are used to manage the risks associated with a contract, because they enable one party to be protected against the liability arising from the actions of another 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.
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
Definition: Indemnity means making compensation payments to one party by the other for the loss occurred. Description: Indemnity is based on a mutual contract between two parties (one insured and the other insurer) where one promises the other to compensate for the loss against payment of premiums.
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.
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.