What is an example of indemnity?

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

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Indemnification Provisions

San Diego California Indemnification Provisions

Name: San Diego California Indemnification Provisions
Brand: US Legal Forms
Rating: 4.57 (284 reviews)

Category:

Partnerships - Drafting Joint Venture Agreements

State:

Multi-State

County:

San Diego

Control #:

US-P0618-2AM

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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

Tips for Enforcing Indemnification Provisions Identify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.

A release and indemnity agreement, also called an indemnity agreement or a hold harmless agreement, is a legal contract that releases a party from specific liabilities. Essentially, one party in the contract agrees to pay for all potential losses or damages caused by the other party.

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

Company/Business/Individual Name shall fully indemnify, hold harmless and defend and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not

An indemnity in a contract is a promise by one party to compensate the other party for loss or damage suffered by the other party during contract performance. An indemnity is also known as a 'hold harmless' clause as one party agrees to hold the other party harmless.

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 Recommendations limit the amount of indemnities that you give when entering into an indemnity clause.consider imposing an express obligation to mitigate loss, and. limit the time during which claims can be brought under the indemnity clause.

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.

In negotiating indemnities, it is important to review the clause carefully to understand when the indemnity kicks in and what the scope of the liability is. This will help a party decide if the indemnity is acceptable, or if it needs to be finessed to make it fair for all parties involved.

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

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App.—San Antonio Dec. These are UC San Diego's guidelines for hospitality contracts.INDEMNIFICATION AND EXCULPATION PROVISIONS. One of the most misunderstood provisions in a con- struction contract is the indemnity provision. , "venue shall be in San Diego County"). Include a release of claims in the termination agreement. San Pedro Peninsula Hospital (1994) 8 Cal. Sometimes, such a clause is combined with or alternatively called an "indemnification clause. Except as otherwise provided in the first sentence hereof, the Parties indemnity obligations hereunder shall survive until the expiration of any applicable.

All indemnification obligations set forth herein shall survive termination of this agreement notwithstanding termination of said agreement prior to expiration of the applicable term of such indemnification. This agreement shall be executed in English, and each Party hereby, (b) agrees that, in consideration of the mutual covenants and undertakings hereunder, each shall be so advised and (c) is further aware of its mutual obligations of good faith and fair dealing set forth herein and shall be entitled to exercise, from time to time, reasonable professional judgment in exercising such reasonable professional judgment to determine whether the benefits of this agreement outweigh to retrim-i ties of a breach of its obligations hereunder. © The Parties understand that the execution of this agreement and the performance of its terms, if any, will not constitute a waiver of the rights to an indemnifications' clause.

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San Diego California Indemnification Provisions

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Interesting Questions

What is an indemnification provision?

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Who benefits from an indemnification provision?

What types of losses are typically covered by indemnification provisions?

Can the indemnification provision be negotiated?

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