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Putting It All Together - Indemnification Provisions

Tarrant Texas Putting It All Together - Indemnification Provisions

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

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Tarrant

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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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.

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.

Obligation to indemnify 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. Claims. Causes of action.

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.

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.

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.

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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North Tarrant Express – Concession Facility. Promptly cancel all existing contracts and orders insofar as they relate to this Agreement.Indemnification clauses appear in nearly all commercial agreements. Completing the largest credit card conversion in history. This effort combined over 30 million heritage Chase and.

Tarrant Texas Putting It All Together - Indemnification Provisions

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

Should you agree to indemnification clause?

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What should an indemnity clause include?

What are indemnification provisions?

Should indemnification always be mutual?

What is indemnification?

Why is indemnity clause required?

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Interesting Questions

What is the purpose of indemnification provisions?

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What types of losses can be covered by indemnification provisions?

Are there any limitations on indemnification?

How do indemnification provisions work alongside insurance?

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