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...

Sacramento California Indemnity Agreement between corporation and directors and / or officers

Name: Sacramento California 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:

Sacramento

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. 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.

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.

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.

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).

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. In order to attract new investors in a startup, a common agreement that investors will demand is an indemnification agreement.

Companies may not provide indemnities to directors of UK-incorporated associated companies where it would be unlawful for that indemnity to be provided by the associated company. Companies may indemnify officers other than 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, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

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YOU HAVE THE RIGHT TO OPT OUT OF ARBITRATION AS EXPLAINED IN THAT ARBITRATION CLAUSE. 1. Who Can Use the Services.According to the popular media, we are living in an era of corporate crime. Response in the context of the Deed of Access, Indemnity and Insurance. Veterans Benefits Administration provides financial and other forms of assistance to veterans and their dependents. The assets of the exchange are in the custody of an HISTORY. The defendant insurance company denied plaintiff's claim for disability benefits.

Sacramento California Indemnity Agreement between corporation and directors and / or officers

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