Travis Texas Indemnity Provisions - Scope of the Indemnity

Name: Travis Texas Indemnity Provisions - Scope of the Indemnity
Brand: US Legal Forms
Rating: 4.84 (205 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Travis

Control #:

US-ND1008

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline the scope of any indemnity under the contract agreement. Different language options are included to suit individual needs and circumstances.

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FAQ

What Is Indemnity? In an insurance context, an indemnity refers to a contractual obligation for one party to provide compensation in the event of losses on the part of another party.

1) The indemnifier will have to pay damages which the indemnity holder will claim in a suit. 2) The indemnity holder can even compel the indemnifier to pay the costs he incurs in litigating the suit. 3) If the parties agree to legally compromise the suit, the indemnifier has to pay the compromise amount.

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.

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.

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.

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

Indemnities are broad promises that you give the other party to compensate for losses or damages. Alternatively, the other party can give you an indemnity.

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.

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14. General Contractors must meet HATC's insurance and indemnification requirements set forth herein in the attached Sample Contract (EXHIBIT B). In this case, an insured filed a bad faith action against its insurer in the Los Angeles Superior Court.Potentially first party claims depending on the language included in the provision. 4.

Travis Texas Indemnity Provisions - Scope of the Indemnity

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What is the meaning of indemnity in insurance?

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