What is a corporate indemnity agreement?

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

What is an example of indemnity contract?

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

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Indemnification Agreement for a Delaware Corporation

San Diego California Indemnification Agreement for a Delaware Corporation

Name: San Diego California Indemnification Agreement for a Delaware Corporation
Brand: US Legal Forms
Rating: 4.73 (250 reviews)

Category:

Corporations - Startup - Initial Decision on Choice of Entity

State:

Multi-State

County:

San Diego

Control #:

US-S0111AM

Format:

Instant download

Description

This form is a model miscellaneous corporate startup form. Use for a special purpose as indicated in the form. Don't reinvent the wheel, save time and money.

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Under Section 145(c) of the Delaware General Corporation Law (DGCL), Delaware corporations are required, in certain circumstances, to indemnify directors and officers of the corporation for costs incurred in connection with litigation and other proceedings arising from the official's corporate role, including attorneys

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

For investment companies like mutual funds, corporate indemnification of a director is not permitted under Section 17(h) of the Investment Company Act of 1940 (1940 Act) for willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his sic officeso called

By statute, Delaware has established a minimum standard of conduct that, if met by a director or officer, permits a corporation to indemnify such director or officer pursuant to a charter or bylaw provision, an indemnification agreement with such D&O, or a resolution of the board or stockholders.

Indemnification clauses are common in corporations and LLCs. Often a company will agree to indemnify its shareholders, members, officers, and directors for actions they take in such roles on behalf of the company.

Further, in light of the recent amendments to Section 145, only certain officers are entitled to mandatory indemnification of expenses as a matter of law when they are successful on the merits; an indemnification agreement allows a director or officer to secure such rights in the absence of express statutory coverage.

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).

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, 4330 La Jolla Village Drive, Suite 200, San Diego, CA 92122. EXHIBIT S Agreement on the State Outside Counsel Fee Fund .Redevelopment Agency of the City of San Diego (the "Agency"), the Centre City Development. INCORPORATED IN: Delaware. Argonaut Insurance Company. Kevin is the managing partner at Vela Wood. Find the health insurance plan to fit your needs from Humana. San Diego, CA 92130.

INITIATION OF LEGENDS MFG, INC. By: Kevin H. Wood, M.D. Executive Director This is to initiate the formation of the Legends MFG, Inc. Board of Directors. Legends MFG, Inc. 3575 La Jolla Boulevard, Suite 500, San Diego, CA 92122. EXHIBIT T The Business Plan of Legends MFG, Inc. As you have been aware, recent legislative acts have created a favorable environment to the creation of our new business venture. The Board and its members have been selected to assist in this venture, which is anticipated to provide a highly visible outlet for our efforts through promotional exhibits of our products. Our business is a direct competitor to the current business ventures offered by competing insurance agencies. It is not a matter of a battle of the insurance giants. Our mission is to become a major player in this market, and we need your help to achieve that. It is our hope that with some effort on your part, we shall succeed in this venture.

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San Diego California Indemnification Agreement for a Delaware Corporation

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How to fill out San Diego California Indemnification Agreement For A Delaware Corporation?

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Does Dgcl require indemnification?

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Do directors have the right to indemnification?

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