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Indemnity Provisions - Means of Securing the Payment of the Indemnity

Suffolk New York Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: Suffolk New York 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:

Suffolk

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

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.

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.

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.

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.

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 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.

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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Please state your company's position on each item in the space provided. Homes England's full title requirements are set out within the definition of "Secure.Legal Interest" in Clause 1. Contract for Services provided in accordance with the Contract. She enjoys working closely with all her clients ensuring she becomes their 'trusted advisor' for all their accounting queries. Great Britain. Parliament.

Suffolk New York Indemnity Provisions - Means of Securing the Payment of the Indemnity

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What is indemnity example?

What is the indemnity provision in insurance policies?

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