What does indemnify the third party mean?

Indemnification means that if the third party is sued due to the client's negligence, the client is required to pay for the claim.

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Indemnity Provisions - Parties to the Indemnity

Kings New York Indemnity Provisions - Parties to the Indemnity

Name: Kings New York Indemnity Provisions - Parties to the Indemnity
Brand: US Legal Forms
Rating: 4.61 (484 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Kings

Control #:

US-ND1006

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Instant download

Description

This form provides boilerplate contract clauses that designate the rights of parties to appoint an Indemnitor Representative and outlines such representative's powers and obligations under the contract.

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In a mutual indemnification, both parties agree to compensate the other party for losses arising out of the agreement to the extent those losses are caused by the indemnifying party's breach of the contract. In a one-way indemnification, only one party provides this indemnity in favor of the other party.

The indemnity obligation goes beyond third-party claims. Instead of relying on the contract provisions and common law principles related to first party damages for a breach of contract, you may be liable for both third party and first party damages related to the agreement under this type of indemnity provision.

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As discussed, an indemnity provision transfers risk from one party (called the indemnitee) to another party (called the indemnitor). Under an indemnity provision, the indemnitor agrees to reimburse the indemnitee for losses resulting from a claim or claims brought by a third-party.

Scope of Indemnification Limit the indemnification so it only applies to third party claims. Any claims by the parties to the contract should be covered by the contract itself, and not a separate indemnification obligation.

Indemnification means that if the third party is sued due to the client's negligence, the client is required to pay for the claim.

Indemnification is only for Third Party Claims Unless Clause Expressly States it applies to First Party Damages. An indemnification clause will only apply to liability for claims brought by third parties. It will not apply to claims between the contracting parties.

To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.

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

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Kings New York Indemnity Provisions - Parties to the Indemnity

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