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.
Nassau New York Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations
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State:
Multi-State
County:
Nassau
Control #:
US-ND1011
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How to fill out Nassau New York Indemnity Provisions - Dollar Exposure Of The Indemnity Regarding Tax And Insurance Considerations?
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FAQ
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
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.
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.
Sometimes a person or a business will compensation another for paying the tax liability of the former. An agreement for this arrangement is called a tax indemnification agreement. As an example, Company #1 compensates Company #2 for the taxes that were levied against Company #2.
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.
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.
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.
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.
Enforcement of Contract of Indemnity A contract of indemnity can be invoked according to its terms like the express promise. Damages, legal costs of judgement, the amount paid under the terms of the agreement are some of the claims which Indemnity holder can include in its claims.
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.
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Agreement, that includes any clause requiring BSA or the Government to indemnify the. Liability Exposure 9.• Gone Phishing – Legal. And appropriate reconciliations to statutory measures are provided on pages 45 to 50.
