What is the purpose of an indemnification agreement?

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.

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

Suffolk New York Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

Name: Suffolk New York 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:

Suffolk

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 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.

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.

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.

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.

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.

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

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.

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.

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.

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Agreement, that includes any clause requiring BSA or the Government to indemnify the. The Sussex County Courthouse is in the heart of Sussex County on The Circle.

Suffolk New York Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations

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FAQ

What is an indemnification provision?

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