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.

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 among Financial Security Assurance...

Philadelphia Pennsylvania Indemnification Agreement among Financial Security Assurance, ABFS and American Business Credit

Name: Philadelphia Pennsylvania Indemnification Agreement among Financial Security Assurance, ABFS and American Business Credit
Brand: US Legal Forms
Rating: 4.76 (495 reviews)

Category:

Corporations - Public - Indemnification

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Multi-State

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Philadelphia

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US-EG-9058

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Indemnification Agr. among Financial Security Assurance, ABFS 1999-4, American Bus. Credit, et al. Dated Dec. 1, 1999. 13 pages

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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

Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.

An indemnity clause is a common provision in a contract where one party agrees to compensate the other party if harm or loss is incurred. It is an essential clause in a contract as it can have heavy consequences for the party offering the indemnity.

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.

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.

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.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

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.

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Former. Adversely affect our business, financial position, results of operations or cash flows.And ABFS Mortgage Trust 2003-1 ("Trust. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower. Notes to finanCial statements (continued). Eventually fell significantly, in particular the shares of financial firms. The following documents comprise the executed contract between the. Failure to complete a pending transaction may result in negative publicity and a negative perception of us in the investment community. For 2008 were involved in the banking or financial services businessall direct casualties of the subprimemortgage and credit crises. Pitts, the Court of Appeals held that the trial court incorrectly allowed arbitration of Pitts' claims against Car Credit.

Philadelphia Pennsylvania Indemnification Agreement among Financial Security Assurance, ABFS and American Business Credit

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