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

Philadelphia Pennsylvania Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

Name: Philadelphia Pennsylvania 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:

Philadelphia

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

An indemnification clause is not mandatory for a contract to be valid. If there is no indemnification clause, then the parties will not be entitled to any contractual indemnification.

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.

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.

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.

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

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.

Most states hold that indemnity provisions are enforceable as written. These clauses will likely be construed in accordance with the rules of construction that apply to contracts generally. However, the freedom to contract will be limited by Courts who will disallow contracts in contravention of public policy.

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.

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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She called a health insurance broker, one she had previously spoken with on the phone.

Philadelphia Pennsylvania Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

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What happens if there is no indemnity clause?

What is an indemnity payout?

What is covered under the contract of indemnity?

Do indemnity clauses hold up in court?

Are indemnity clauses necessary?

What does indemnity mean in simple terms?

What does an indemnity agreement cover?

Are indemnity clauses enforceable?

What is a reasonable indemnity clause?

What is the indemnity provision in insurance policies?

Interesting Questions

What is the indemnity provision in relation to tax and insurance considerations?

How does the indemnity provision impact dollar exposure?

What are the tax considerations associated with the indemnity provision?

Are there insurance considerations related to the indemnity provision?

How can understanding the indemnity provision help protect against financial losses?

Can the dollar exposure of the indemnity provision be negotiated?

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