Is indemnification a remedy?

Indemnification Provisions As the name suggests, an indemnification as an exclusive remedy provision means that the right to indemnification provided under the M&A agreement is the parties' exclusive remedy for any breach of the representations, warranties, covenants, agreements, and obligations in the M&A agreement.

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Indemnity Provisions - Exclusivity of Indemnity as a Remedy

King Washington Indemnity Provisions - Exclusivity of Indemnity as a Remedy

Name: King Washington Indemnity Provisions - Exclusivity of Indemnity as a Remedy
Brand: US Legal Forms
Rating: 4.84 (265 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

King

Control #:

US-ND1012

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Instant download

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This form provides boilerplate contract clauses that define the exclusivity or nonexclusivity of indemnity as a remedy under the terms of the contract agreement. Different language options for exclusivity and nonexclusivity are included.

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Tips for Enforcing Indemnification Provisions Identify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Contracts between two parties might mean that one of the parties could be held liable for losses or damages from their activities as a party to the agreement. The indemnity agreement is intended to protect the party that might be liable, holding the person harmless from that liability.

If a contract and a course of dealing exist between two parties, if one party now wants an indemnification agreement signed, there must be new consideration. You have to pay for the new agreement to be a contract and to be binding. No consideration, no contract.

Indemnification, according to the court, is an offensive righta swordallowing the indemnitee to seek indemnification. On the other hand, hold harmless is a defensive measure providing the right not be bothered by the other party itself seeking indemnification. Under this view, hold harmless shields one party

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.

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

The elements of a cause of action for indemnity are (1) a showing of fault on the part of the indemnitor and (2) resulting damages to the indemnitee for which the indemnitor is contractually or equitably responsible. Expressions, supra, 86 Cal. App.

Indemnification Provisions As the name suggests, an indemnification as an exclusive remedy provision means that the right to indemnification provided under the M&A agreement is the parties' exclusive remedy for any breach of the representations, warranties, covenants, agreements, and obligations in the M&A agreement.

The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities.

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Be sure to harmonize the limitation of liability clause with all other "remedies" clauses in your contract. A perfect example is an indemnity clause.Industrial Insurance Act's exclusive remedy provision. Learn about provisions which affect the legal rights of any visitor to Kings Canyon Resort on our Waiver, Release, Discharge and Indemnity page. In contract law, when they show up in contract clauses; as part of a legal remedy even when there is no contract clause for indemnification. The other appeared in the Kings Bench and Common Pleas Courts, the common law courts, and so provides a legal remedy. In Section 124, the scope of implied contracts has not been specified. Welcome to the Hong Kong Institute of Certified Public Accountants (HKICPA) members' area for International Standards. United States. Congress. , USA, all rights reserved 2022 Erie Indemnity Co.

King Washington Indemnity Provisions - Exclusivity of Indemnity as a Remedy

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What is a King Indemnity Provision - Exclusivity of Indemnity as a Remedy?

Why would a contract include a King Indemnity Provision?

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