Broward Florida Indemnity Agreement between corporation and directors and / or officers

• Category: Corporations - Public - Indemnification
• State: Multi-State
• County: Broward
• Control #: US-CC-17-171
• Format: Word; Rich Text

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. In Broward, Florida, an Indemnity Agreement is a legally binding contract between a corporation and its directors and/or officers. This agreement is designed to protect directors and officers from potential liability and provide them with financial security when performing their duties in the best interest of the corporation. The indemnification provisions are crucial as they define the scope and extent of protection offered to these individuals. The Broward Florida Indemnity Agreement ensures that directors and officers are indemnified against any losses, damages, or expenses incurred in connection with legal actions, claims, or judgments arising from their corporate responsibilities. This includes legal defense costs, settlements, and judgments. It is crucial to note that the indemnification may be subject to certain limitations and conditions as set forth in the agreement. There are different types of Broward Florida Indemnity Agreements based on the level of protection provided and the specific terms and conditions mentioned. Some common types include: 1. Standard Indemnification Agreement: This agreement outlines the corporation's obligation to indemnify directors and officers to the fullest extent permitted by law. It typically covers legal expenses, damages, and liabilities resulting from actions taken in the performance of their corporate duties. 2. Limited Indemnification Agreement: This type of agreement restricts the extent of indemnification available to directors and officers. It may include certain limitations, such as exclusions for intentional misconduct or violations of the law. 3. Advancement of Expenses Agreement: This agreement ensures that directors and officers receive prompt payment or reimbursement for legal expenses incurred in defending claims against them. It allows for the advancement of expenses before the final outcome of the legal proceedings. 4. Indemnification and Insurance Agreement: In addition to indemnification, this agreement requires the corporation to maintain directors and officers liability insurance coverage. It provides an extra layer of protection and ensures financial resources are available to cover identifiable losses. It is important for directors and officers to thoroughly review and understand the terms of the Broward Florida Indemnity Agreement before accepting their corporate roles. Furthermore, it is recommended to seek legal advice to ensure the agreement aligns with their expectations and provides adequate protection.

In Broward, Florida, an Indemnity Agreement is a legally binding contract between a corporation and its directors and/or officers. This agreement is designed to protect directors and officers from potential liability and provide them with financial security when performing their duties in the best interest of the corporation. The indemnification provisions are crucial as they define the scope and extent of protection offered to these individuals. The Broward Florida Indemnity Agreement ensures that directors and officers are indemnified against any losses, damages, or expenses incurred in connection with legal actions, claims, or judgments arising from their corporate responsibilities. This includes legal defense costs, settlements, and judgments. It is crucial to note that the indemnification may be subject to certain limitations and conditions as set forth in the agreement. There are different types of Broward Florida Indemnity Agreements based on the level of protection provided and the specific terms and conditions mentioned. Some common types include: 1. Standard Indemnification Agreement: This agreement outlines the corporation's obligation to indemnify directors and officers to the fullest extent permitted by law. It typically covers legal expenses, damages, and liabilities resulting from actions taken in the performance of their corporate duties. 2. Limited Indemnification Agreement: This type of agreement restricts the extent of indemnification available to directors and officers. It may include certain limitations, such as exclusions for intentional misconduct or violations of the law. 3. Advancement of Expenses Agreement: This agreement ensures that directors and officers receive prompt payment or reimbursement for legal expenses incurred in defending claims against them. It allows for the advancement of expenses before the final outcome of the legal proceedings. 4. Indemnification and Insurance Agreement: In addition to indemnification, this agreement requires the corporation to maintain directors and officers liability insurance coverage. It provides an extra layer of protection and ensures financial resources are available to cover identifiable losses. It is important for directors and officers to thoroughly review and understand the terms of the Broward Florida Indemnity Agreement before accepting their corporate roles. Furthermore, it is recommended to seek legal advice to ensure the agreement aligns with their expectations and provides adequate protection.