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Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax...

King Washington Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

Name: King Washington Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations
Brand: US Legal Forms
Rating: 4.74 (377 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

King

Control #:

US-ND1011

Format:

Instant download

Description

This form provides boilerplate contract clauses that restrict or limit the dollar exposure of any indemnity under the contract agreement with regards to taxes or insurance considerations.

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FAQ

No, generally. The proceeds of an accident and health policy, like AFLAC are not reportable as income so long as you did not deduct the premiums, and so long as this is not an employer provided fringe benefit.

Indemnity Payments (1) The losses paid or expected to be paid directly to an insured by an insurer for first-party (e.g., property) coverages or on behalf of an insured for third-party (e.g., liability) coverages. (2) Payments made by the indemnitor under a hold harmless clause on behalf of the indemnitee.

Indemnification Assets means any indemnification right or claim of the Acquired Companies or Related Consolidated Entities recognized as a Current Asset under the Accounting Principles and which represents a claim of Seller or any of the Acquired Companies or Related Consolidated Entities against third parties, but

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.

Fixed indemnity payments are taxable when premiums are paid by the employer or by employees on a pre-tax basis. When fixed indemnity payments are taxable, employers may need to work with insurance carriers to implement a process for tax withholding.

To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

Tax law, however, does not generally treat indemnity payments as taxable income to the target corporation, but instead as a tax-free recovery of capital. 7 Thus, the target corporation may get a deduction for the loss without offsetting income from the indemnity payment.

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.

Indemnification clauses are exceedingly common in many contracts, but what you should pay close attention to is the scope of your indemnification agreement. Generally, you should only agree to pay for losses arising from your own actions and not the other party's actions.

Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

Tax Indemnity means the deed of covenant against Taxation in the Agreed Terms to be entered into on or around the date of this Agreement and a Tax Indemnity Claim means a claim for breach of, or under, the Tax Indemnity; Sample 2. Sample 3. Based on 8 documents. 8.

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Insurance, Physicians' liability -. Australia. I. Title. 346.940332.Of overseas tax matters, net of a provision taken in respect of the estimated exposure arising from the EU's decision regarding. Subject to the provisions of Section IILB. These insurance policies has been provided to RMS.

This section was made to cover the risks arising from the UK's decision to leave the EU. It is further to contain some provisions in relation to the European Court of Justice's jurisdiction. Section 4 covers certain non VAT issues. Section 6.01 covers financial arrangements, including debt instruments as they relate solely to the UK financial services sector. Section 6.03 contains information in relation to the operation of Section 346.940332 and its related provisions. The rest of this chapter focuses primarily upon Section 6.03 which provides the rules applicable to interest and penalties on the amounts payable in respect of any overpayments by RMS to the UK under the RAT Agreement. There are exceptions to these exceptions which are given in the next section and will be explained in the third paragraph of this section. 2 5.1 6.1 Exceptions to exceptions 7. Exceptions to exceptions 8. Exceptions to exceptions 9. Exceptions to exceptions 10. Exceptions to exceptions 11.

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King Washington Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

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Are payments from AFLAC taxable?

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