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Putting It All Together - Indemnification Provisions

Riverside California Putting It All Together - Indemnification Provisions

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

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Riverside

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 Riverside California Putting It All Together - Indemnification Provisions?

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FAQ

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.

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.

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.

The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities.

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.

Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

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.

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Expenses incurred in accordance with the terms of Exhibit B, Payment Provisions. When filling out the form so that all information appears on each page.§ 28-1 Authorization.

This form is effective and binding on the Company. Signed this 14th day of April 2011. By: /s/ John Blythe Executive Vice President & Chief Financial Officer Exec. Vice President & Chief Accounting Officer (Principal Financial Officer) EXHIBIT H Blythe, John Blythe, MVP and CFO Accounting Agreement, dated December 30, 2008, among the Company, John Blythe, and Bank of America International Securities LLC (“Bank of America”) as Trustee, entered into as of (1): (i) November 12, 2008; (ii) by and between Bank of America, N.A., as Trustee, and John Blythe, MVP and CFO (“Trustee”), as of December 12, 2008 (the “Term”); and (iii) by and between Bank of America, N.A., as Trustee, and John Blythe, MVP and CFO (“Trustee”) as of December 30, 2008 (the “Termination”). Pursuant to the terms and subject to the conditions set forth below, there are certain financial arrangements under which Bank of America will grant notes of up to 4.65 billion.

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Riverside California Putting It All Together - Indemnification Provisions

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