What is an example of indemnity contract?

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

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Indemnification Agreement establishing Escrow Reserve

Riverside California Indemnification Agreement establishing Escrow Reserve

Name: Riverside California Indemnification Agreement establishing Escrow Reserve
Brand: US Legal Forms
Rating: 4.55 (342 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Riverside

Control #:

US-CC-17-217

Format:

Instant download

Description

17-217 17-217 . . . Indemnification Agreement providing that (i) in event of change in control, corporation shall establish Escrow Reserve of $2,000,000 as security for its obligations under Indemnification Agreement and (ii) in event of any liquidation, merger, consolidation or reorganization in which corporation is not surviving entity, or sale of all or substantially all of corporation's assets, corporation shall ensure that Indemnification Agreement is assumed by surviving entity or otherwise provide for satisfaction of its obligations thereunder

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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 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.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

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.

Indemnity benefits are monetary payments you may be entitled to receive as compensation for lost wages or damages related to your workers' compensation claim.

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.

While this is understandable, an indemnity agreement that does not relate to a claim or defense is not within the scope of discoverable material. The indemnification agreement is not within required initial disclosures, and is not relevant to any claim or defense.

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.

An indemnification escrow account is a separate fund that the parties can establish at the closing of a transaction for the payment of indemnification obligations. The indemnification escrow is funded from the buyer's purchase price.

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

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Transfer and sell the Mortgaged Property, as defined in the Financing Agreement, in whole or in part, in one or more transactions; and. Described in Exhibit "B attached hereto, is located in the City, County of Riverside, State of.DISTRIBUTION FACILITIES AND EASEMENTS (AND ESCROW INSTRUCTIONS) (this. 3317. Include PACE, thus setting up an escrow shortage going forward. 215 nterstate Freeway, in the City of Grand Terrace, California. __ , a Purchase and Sale Agreement and Escrow. "Hazardous Materials Indemnity Obligations" is defined in Section 210.2(c).

Riverside California Indemnification Agreement establishing Escrow Reserve

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What is a signed indemnity agreement?

Are indemnification agreements enforceable?

What does indemnity mean in simple terms?

How do you write an indemnification clause?

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Are indemnification agreements discoverable?

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What is an indemnity escrow account?

What is an example of indemnity contract?

Interesting Questions

What is a Riverside Indemnification Agreement?

What is an Escrow Reserve?

Why is an Escrow Reserve established in the Riverside Indemnification Agreement?

Who contributes to the Escrow Reserve?

What happens to the funds in the Escrow Reserve if there are no financial losses or disputes?

Can the funds in the Escrow Reserve be used for purposes other than indemnification?

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