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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Indemnification Agreement by Witco Corporation

San Bernardino California Indemnification Agreement by Witco Corporation

Name: San Bernardino California Indemnification Agreement by Witco Corporation
Brand: US Legal Forms
Rating: 4.74 (409 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

San Bernardino

Control #:

US-CC-17-187A

Format:

Instant download

Description

This sample form, a detailed Indemnification 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 exceedingly common in many contracts, but what you should pay close attention to is the scope of your indemnification agreement. Generally, you should only agree to pay for losses arising from your own actions and not the other party's actions.

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.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Court will not enforce an indemnification provision that indemnifies an indemnitee for its own negligence unless the intention of the parties is clearly and unambiguously expressed. Courts first look for specific language in the contract that address the fault or negligence of the indemnitee.

A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.

At their core, indemnification provisions transfer liabilities related to a claim from one party to another party, generally in the event of a breach of contract or a party's negligence or misconduct in the performance of the agreement.

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

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.

While generally, indemnity contracts for negligence are enforceable, the strict rule of construction in California is that indemnity for active negligence requires explicit language in the clause that negligence of the indemnitee is to be included.

There are two parties in an indemnity contract, including the indemnitee and indemnifier. The indemnitee is the party that is seeking protection, whereas the indemnifier is the one promising to hold harmless.

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Records Manager, I'm completing a Phase I Environmental Site Assessment (ESA) at the following Property: Property. Are you worried about being held responsible for another company's negligence?If so, an indemnity agreement is a perfect solution for your concerns. , be used to purchase development. Mutually and voluntarily included in the agreements. Professional, or personal time limitations kept them from completing their education. The. In re: Chemtura Corporation. Completing your domestic bill of lading.

San Bernardino California Indemnification Agreement by Witco Corporation

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