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Approval of Indemnification Agreements with article amendment and...

Orange California Approval of Indemnification Agreements with article amendment and amendment to bylaws

Name: Orange California Approval of Indemnification Agreements with article amendment and amendment to bylaws
Brand: US Legal Forms
Rating: 4.84 (262 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Orange

Control #:

US-CC-17-195C

Format:

Instant download

Description

This is a multi-state form covering the subject matter of the title.

Certificate of Incorporation - General Form

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FAQ

Bylaws should include an indemnity clause, which is in place to protect those involved with the organization from expenses and liabilities. The organization can legally provide indemnity against expenses of a lawsuit or litigation if it chooses.

An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties. By Jennifer Paley. An indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other.

The rights to indemnification and prepayment of expenses which are conferred to the Management Persons by paragraphs (a) and (b) above may be conferred upon any employee or agent of the Company if, and to the extent, authorized by the members.

Owners of corporations and limited liability companies can have statutory and contractual obligations to indemnify officers, directors, managers, and members for legal fees incurred in defending litigation.

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

The most important part of an indemnification clause is that it protects the indemnified party from lawsuits filed by third parties. This protection is important because damaged parties are still able to pursue compensation for their losses even if this clause isn't in the contract.

There is a distinction. Indemnity = (1) security or protection against contingent hurt, damage, or loss; or (2) a legal exemption from the penalties or liabilities incurred by any course of action. Indemnification = the action of compensating for actual loss or damage sustained; the payment made with this object.

To indemnify means to compensate someone for his/her harm or loss. 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.

Exculpation and indemnification are very similar. Both clauses in a contract seek to remove liability from one party. However, the main difference is that while an exculpatory clause seeks to deny a party the right to recover damages, an indemnification clause attempts to shift liability to another party.

Indemnification in the context of nonprofit bylaws generally refers to how the nonprofit will protect its directors and other agents in the event they are sued for acting in their capacity as agents of the nonprofit.

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(d) NonExclusivity of Rights. Governance and oversight rules set forth in the NonProfit Revitalization Act of 2013 (as amended, the.An indemnification agreement may serve several purposes. BYLAWS. BOARD OF COUNTY COMMISSIONERS. Sealed proposals addressed to the School Board of Orange County, Florida, Facilities Contract. Administration, Bldg. The purposes of the Corporation are set forth in the Certificate of.

Orange California Approval of Indemnification Agreements with article amendment and amendment to bylaws

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What is an indemnification clause in bylaws?

What is a standard indemnification clause?

What is permissive indemnification?

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