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.

What is a good indemnity clause?

When an indemnification clause uses the word "defend," you want to look at it particularly carefully. "Indemnify" and "hold harmless" both mean pretty much the same thing: to make the injured party whole again. Language using "defend," on the other hand, may suggest responsibility for defending against lawsuits.

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Indemnity Provisions - Means of Securing the Payment of the Indemnity

Riverside California Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: Riverside California 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:

Riverside

Control #:

US-ND1014

Format:

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.

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FAQ

Indemnity benefits are monetary payments you may be entitled to receive as compensation for lost wages or damages related to your workers' compensation claim.

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.

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.

Indemnity benefits are monetary payments you may be entitled to receive as compensation for lost wages or damages related to your workers' compensation claim.

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 provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties. 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.

When an indemnification clause uses the word "defend," you want to look at it particularly carefully. "Indemnify" and "hold harmless" both mean pretty much the same thing: to make the injured party whole again. Language using "defend," on the other hand, may suggest responsibility for defending against lawsuits.

Indemnity Clause: The purpose of this clause is to ensure that the independent contractor will be held liable for any damage or injury resulting from the independent contractor's work performed under the contract.

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Means of resolving the indemnification problem, such as the use of corporate-paid indemnity insurance. Defined herein shall have the meaning ascribed to such terms in the DDA.Revised and updated indemnification language. Southern California with services having been provided in the last five (5) years or at the beginning of the most recent housing cycle in that jurisdiction. Seeking qualified firms to submit a proposal to complete the project as defined in the Project Charter, Attachment. The term 'we' in this document means The Maltings - City of Ely Council.

Riverside California Indemnity Provisions - Means of Securing the Payment of the Indemnity

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