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Putting It All Together - Indemnification Provisions

Philadelphia Pennsylvania Putting It All Together - Indemnification Provisions

Name: Philadelphia Pennsylvania Putting It All Together - Indemnification Provisions
Brand: US Legal Forms
Rating: 4.75 (473 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Philadelphia

Control #:

US-ND1015

Format:

Instant download

Description

This form brings together several boilerplate contract clauses that work together to outline the procedures, restrictions, exclusivity and other aspects of an indemnity provided for under the terms of the contract agreement. Both short and detailed examples are provided to suit individual needs and circumstances.

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How to fill out Philadelphia Pennsylvania Putting It All Together - Indemnification Provisions?

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FAQ

Whether or not your company is small and large, tech or professional, indemnification clauses can be useful. These clauses are typically used when either: a business wants to guarantee it's service or product; or. a business wants to protect itself from liability, especially in cases of sub-contractors.

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.

Drafting and negotiating an efficient indemnification provision benefits both the indemnified and 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.

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.

The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.

The indemnity clause is not mutual and balanced, however, when the indemnity does not apply to both parties equally. Often, this will look like the first way above, but without the corresponding reciprocal paragraph for the other party.

Why Indemnification is Important. Indemnification can be important to both parties entering into a transaction or contractual agreement. If you are granting the indemnity, the provision of reasonable protection against liability may be essential to you being able to do business with the other party.

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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Philadelphia Pennsylvania Putting It All Together - Indemnification Provisions

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How important is indemnification language in a contract?

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Should indemnification always be mutual?

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