What is the purpose of an indemnity clause in a contract?

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

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Indemnity Provisions - Means of Securing the Payment of the Indemnity

Allegheny Pennsylvania Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: Allegheny Pennsylvania Indemnity Provisions - Means of Securing the Payment of the Indemnity
Brand: US Legal Forms
Rating: 4.85 (245 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Allegheny

Control #:

US-ND1014

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Instant download

Description

This form provides boilerplate contract clauses that outline means of securing the funds for payment of any indemnity, including use of an escrow fund or set-offs.

Simple Promissory Note for Family Loan

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How to fill out Allegheny Pennsylvania Indemnity Provisions - Means Of Securing The Payment Of The Indemnity?

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An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

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.

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

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.

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

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.

An indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability cap.

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.

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Indemnity provisions void. City a possessory lien on the car to secure payment of the fines.Section 7. 06 Tax Treatment of Indemnification Payments. The owner, if he had an indemnity provision in his construction contract with the general contractor (i.e. Personal property that secures payment or performance of an obligation. EXCEPT AS PROVIDED BY RULE 268(d)(2), SCACR. Blue Shield also markets indemnity programs that do not have a service benefits provision. Many types of contracts include indemnification provisions. Owner agrees to pay a contractor a set dollar amount to complete a project as fully designed and detailed in the contract documents.

Allegheny Pennsylvania Indemnity Provisions - Means of Securing the Payment of the Indemnity

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