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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Indemnity Agreement between corporation and directors and / or...

Philadelphia Pennsylvania Indemnity Agreement between corporation and directors and / or officers

Name: Philadelphia Pennsylvania Indemnity Agreement between corporation and directors and / or officers
Brand: US Legal Forms
Rating: 4.86 (233 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Philadelphia

Control #:

US-CC-17-171

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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Indemnification clauses are common in corporations and LLCs. Often a company will agree to indemnify its shareholders, members, officers, and directors for actions they take in such roles on behalf of the company.

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.

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).

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.

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

Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

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

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Officers. Corporate Records: Minutes. Articles of Agreement.. By-Laws.The director and officer indemnification agreement provides additional protection from the directors and officers of a Delaware corporation. C.S.A. Section 1742. 52.104 Procedures for modifying and completing provisions and clauses. Providing a safe environment for employees to work and the public to enjoy. This insuring agreement provides coverage to a publicly traded company for its own liability arising out of a "securities claim". Independence Blue Cross (IBX) offers affordable health care, dental, vision and Medicare plans in Philadelphia and southeastern Pennsylvania. Form. Edition Description.

Philadelphia Pennsylvania Indemnity Agreement between corporation and directors and / or officers

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