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Amendment of Articles to Expand Indemnification of Agents

Bexar Texas Amendment of Articles to Expand Indemnification of Agents

Name: Bexar Texas Amendment of Articles to Expand Indemnification of Agents
Brand: US Legal Forms
Rating: 4.88 (240 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Bexar

Control #:

US-CC-17-189-NE

Format:

Instant download

Description

This sample form, a detailed Amendment of Articles to Expand Indemnification of Agents, 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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FAQ

This is essentially an I'll protect your back clause, making the party giving the indemnity responsible to pay back the other party for things they might do wrong, bringing harm to the first party. You may also know that most contracts also include a separate limitation on liability clause.

In negotiating indemnities, it is important to review the clause carefully to understand when the indemnity kicks in and what the scope of the liability is. This will help a party decide if the indemnity is acceptable, or if it needs to be finessed to make it fair for all parties involved.

Enforcement of Contract of Indemnity A contract of indemnity can be invoked according to its terms like the express promise. Damages, legal costs of judgement, the amount paid under the terms of the agreement are some of the claims which Indemnity holder can include in its claims.

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.

Commonly, a party's indemnification obligations are carved-out from the limitations of liability meaning a party has unlimited liability for indemnification obligations.

A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can "cap" the amount of potential damages to which a company is exposed.

You should look to limit indemnification clauses by narrowing their scope, putting in caps on damages, and clearly defining the indemnifiable acts (i.e. the representations and warranties in the example above). Also consider purchasing insurance as a means to limit your financial risk.

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.

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Do I need to create multiple accounts for different agencies? Of record in the real property records of Bexar County, Texas; and.Under each CATEGORY is a list of articles about that subject.

Bexar Texas Amendment of Articles to Expand Indemnification of Agents

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FAQ

What is a cap on an indemnity clause and why should I care?

How do you negotiate an indemnity clause?

How do you enforce an indemnity provision?

Are indemnification agreements enforceable?

Does limitation of liability cap indemnification?

What is a limitation of liability clause?

How do you limit an indemnification clause?

Are indemnification clauses enforceable?

Do indemnity clauses hold up in court?

Interesting Questions

What is the Bexar Amendment of Articles?

Who does the Bexar Amendment of Articles benefit?

How does the Bexar Amendment expand indemnification?

What are indemnification rights?

Why were the indemnification rights expanded?

Do agents have to meet certain criteria to receive indemnification under the Bexar Amendment?

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