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Putting It All Together - Indemnification Provisions

Salt Lake Utah Putting It All Together - Indemnification Provisions

Name: Salt Lake Utah Putting It All Together - Indemnification Provisions
Brand: US Legal Forms
Rating: 4.75 (473 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Salt Lake

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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FAQ

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 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.

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.

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.

Most states hold that indemnity provisions are enforceable as written. These clauses will likely be construed in accordance with the rules of construction that apply to contracts generally. However, the freedom to contract will be limited by Courts who will disallow contracts in contravention of public policy.

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.

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.

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Salt Lake Utah Putting It All Together - Indemnification Provisions

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How to fill out Salt Lake Utah Putting It All Together - Indemnification Provisions?

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What is the purpose of an indemnification clause in a contract?

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What is indemnification?

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