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

Middlesex Massachusetts Indemnity Provisions - Parties to the Indemnity

Name: Middlesex Massachusetts Indemnity Provisions - Parties to the Indemnity
Brand: US Legal Forms
Rating: 4.61 (484 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Middlesex

Control #:

US-ND1006

Format:

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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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

Thus in nutshell we have understood that i) Contracts of Indemnity has been defined as: "A Contract whereby 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."

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

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 most important part of an indemnification clause is that it protects the indemnified party from lawsuits filed by third parties. This protection is important because damaged parties are still able to pursue compensation for their losses even if this clause isn't in the contract.

There are generally two parties in indemnity contracts. The person who promises to indemnify for a loss is the Indemnifier. On the other hand, the person whose losses the indemnifier promises to make good is the Indemnified. We can also refer to the Indemnified party as the Indemnity Holder.

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A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.

The person who promises to indemnify for a loss is the Indemnifier. On the other hand, the person whose losses the indemnifier promises to make good is the Indemnified. We can also refer to the Indemnified party as the Indemnity Holder.

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 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.

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Indemnity clauses are one of the most negotiated (and litigated) provisions in a construction contract. This Deed Poll is made in favour the parties set out in the Schedule to this Deed Poll.The indemnity obligation goes beyond thirdparty claims. 1 The Service Provider agrees to indemnify and to save harmless the County,.

Middlesex Massachusetts Indemnity Provisions - Parties to the Indemnity

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What does it mean to agree to indemnify?

Which of these are a contract of indemnity?

What does indemnify the third party mean?

Can both parties indemnify each other?

Who is the protected party when indemnification is used?

Who are the parties to a contract of indemnity?

Can you indemnify someone?

What is contract of indemnity with example?

Who is indemnity holder in contract?

Does indemnification only apply to third parties?

Is indemnification always for third party claims?

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What is Middlesex Indemnity Provisions?

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What is an indemnitor?

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What types of losses can be covered under indemnity provisions?

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