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.

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Indemnity Agreement of Telocity...

Santa Clara California Indemnity Agreement of Telocity, Inc.

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

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Santa Clara

Control #:

US-EG-9102

Format:

Instant download

Description

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

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

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FAQ

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.

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.

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.

An indemnification clause is not mandatory for a contract to be valid. If there is no indemnification clause, then the parties will not be entitled to any contractual indemnification.

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.

Similarly, your indemnification obligations may not expire at the end of the contract term, even if your client terminates the agreement. You may also be required to continue to purchase certain insurance coverages especially design liability insurance even though the contract has otherwise been closed-out.

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.

Santa Clara California Indemnity Agreement of Telocity, Inc.

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

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