What is the purpose of an indemnity clause in a contract?

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

What is a corporate indemnity agreement?

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

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Indemnity Agreement of Telocity...

Sacramento California Indemnity Agreement of Telocity, Inc.

Name: Sacramento California Indemnity Agreement of Telocity, Inc.
Brand: US Legal Forms
Rating: 4.7 (281 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Sacramento

Control #:

US-EG-9102

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Instant download

Description

Indemnity Agreement between Telocity Inc. and ___________ dated 00/99 . 9 pages

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How to fill out Sacramento California Indemnity Agreement Of Telocity, Inc.?

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Key Takeaways. 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.

Most states hold that indemnity provisions are enforceable as written. These clauses will likely be construed in accordance with the rules of construction that apply to contracts generally. However, the freedom to contract will be limited by Courts who will disallow contracts in contravention of public policy.

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.

India Code: Section Details. A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity.

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

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.

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

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The indemnity agreement in this Agreement is effective as of the date of this Agreement. The indemnity herein is in addition to and not a substitute for the financial and other rights of a party that are enforceable by the party seeking indemnification or damages from the other party and may include a right of reimbursement. SECTION ONE-B. GENERAL ARBITRATION CONDUCT AND CLASS ACTION WAIVER This Section 1 shall be interpreted and enforced in accordance with California law pursuant to the Federal Arbitration Act and the Federal Arbitration Rules (the “FAA Rules”). The FAA Rules and all amendments thereto are hereby incorporated into this Agreement by reference. Agreement to Arbitrate. To the extent that this Section 1 is not specifically provided for in this contract, then, except for certain limited circumstances, either party may elect to go to arbitration prior to signing the Agreement.

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Sacramento California Indemnity Agreement of Telocity, Inc.

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What is an indemnity agreement?

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What types of losses or claims might be covered under this indemnity agreement?

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Is there a time limit for the indemnification provided in this agreement?

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