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

Wayne Michigan Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: Wayne Michigan 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:

Wayne

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.

How to fill out Wayne Michigan Indemnity Provisions - Means Of Securing The Payment Of The Indemnity?

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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.

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 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.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities. 2a : indemnification sense 1. b : something that indemnifies. 3 : fee-for-service usually used attributively an indemnity plan.

There are two parties in an indemnity contract, including the indemnitee and indemnifier. The indemnitee is the party that is seeking protection, whereas the indemnifier is the one promising to hold harmless.

Why do I need an indemnity clause? Indemnity clauses are used to manage the risks associated with a contract, because they enable one party to be protected against the liability arising from the actions of 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.

What Is Indemnity? In an insurance context, an indemnity refers to a contractual obligation for one party to provide compensation in the event of losses on the part of another party.

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.

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Had breached their contractual obligations to pay their proper shares of defense and indemnity costs in the underlying actions. The owner, if he had an indemnity provision in his construction contract with the general contractor (i.e.The contractor already has a duty to indemnify the owner for the contractor's negligence. This duty exists at common law. J. "Voting Securities" means any securities of the Company which vote generally in the election of directors. 2. Third Circuit Court has jurisdiction over Civil, Criminal, and Family matters arising in the. County of Wayne, Michigan. A university classroom where Sociology is being taught. The classroom is located inside a high security prison in Argentina. These scams tend to target the elderly, since they're one of the larger demographics who participate in the sweepstakes.

Wayne Michigan Indemnity Provisions - Means of Securing the Payment of the Indemnity

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