Fulton Georgia Indemnification Provisions

Name: Fulton Georgia Indemnification Provisions
Brand: US Legal Forms
Rating: 4.57 (284 reviews)

Category:

Partnerships - Drafting Joint Venture Agreements

State:

Multi-State

County:

Fulton

Control #:

US-P0618-2AM

Format:

Instant download

Description

This form is a model adaptable for use in partnership matters. Adapt the form to your specific needs and fill in the information. Don't reinvent the wheel, save time and money.

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FAQ

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.

The most important part of an indemnification clause is that it protects the indemnified party from lawsuits filed by third parties. This protection is important because damaged parties are still able to pursue compensation for their losses even if this clause isn't in the contract.

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 are indemnification provisions important? Indemnification clauses allow a contracting party to: Customize the amount of risk it is willing to undertake in each transaction and with every counterparty. Protect itself from damages and lawsuits that are more efficiently borne by the counterparty.

An indemnification clause is not mandatory for a contract to be valid. If there is no indemnification clause, then the parties will not be entitled to any contractual indemnification.

Definition of indemnify transitive verb. 1 : to secure against hurt, loss, or damage. 2 : to make compensation to for incurred hurt, loss, or damage. Other Words from indemnify Synonyms Choose the Right Synonym Example Sentences Learn More About indemnify.

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.

It seeks to impute liability to the indemnitor for the torts, or negligence, of the indemnitee. The general rule in Georgia is that indemnity clauses are enforceable as written, including those that expressly, clearly, and unequivocally indemnify against a party's own negligence.

Court will not enforce an indemnification provision that indemnifies an indemnitee for its own negligence unless the intention of the parties is clearly and unambiguously expressed. Courts first look for specific language in the contract that address the fault or negligence of the indemnitee.

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

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The termination provisions contained in this Agreement. 2. Indemnity of Director or Officer.514-62 Abatement of dangerous condition; indemnification of enforcement officer. 713, 715-16 (2013)). Every effort should be made to delete such provisions from proposed contracts. There are limited exceptions to this general rule. United States. Congress. House. Any disputes related to pricing will be resolved at Our sole and complete discretion. Trademarks. Indemnification clauses appear in nearly all commercial agreements.

Fulton Georgia Indemnification Provisions

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