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.
Wake North Carolina Indemnity Provisions - Parties to the Indemnity
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Multi-State
County:
Wake
Control #:
US-ND1006
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How to fill out Indemnity Provisions - Parties To The Indemnity?
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FAQ
Contractual Liability Coverage The indemnity provision is the key to affording liability coverage to persons other than the insured. Absent an indemnity provision, coverage is available only to those named as insureds under the liability policy.
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."
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.
Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.
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.
An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties. By Jennifer Paley. An indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other.
A contract of indemnity has two parties. The promisor or indemnifier. The promisee or the indemnified or indemnity-holder.
(2)Third party indemnity provision means provision for indemnity against liability incurred by the director to a person other than the company or an associated company.
How do indemnities work? In its simplest form, an indemnity is a promise to pay a particular amount should a particular liability arise. For example: "the Seller agrees to pay the Buyer the amount of any pre-completion tax liability of the target".
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.
