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Amendment of Articles to Expand Indemnification of Agents

Queens New York Amendment of Articles to Expand Indemnification of Agents

Name: Queens New York 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:

Queens

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

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.

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.

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

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.

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

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.

Tips for Enforcing Indemnification Provisions Identify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.

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

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.

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In the County of Queens,. City and State of New York as more particularly described in.Section VI: RFP Part 2 Proposal Package – To Be Filled Out By Proposers . ARTICLE 22 - INDEMNIFICATION AND LllvIITATION OF LIABILITY. 78. 22.1.

Queens New York Amendment of Articles to Expand Indemnification of Agents

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FAQ

What is a limitation of liability clause?

Do indemnity clauses hold up in court?

Does Dgcl require indemnification?

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

How do you write an indemnification clause?

Are indemnification agreements enforceable?

How do you enforce an indemnity clause?

Does limitation of liability cap indemnification?

How do you limit an indemnification clause?

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