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Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay.
Apr 2, 2020 · An indemnity clause is a clause that allocates certain identified legal and commercial risks between contracting parties to the party who is best-placed to manage them. Indemnity clauses are sometimes also referred to as “indemnities” or “indemnified matters”.
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.
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless agains...
Indemnity Clause. A. The Association hereby agrees to indemnify the Board, the Board Secretary, each individual board member, and all administrators against any and all liability arising out of the application of the provisions of the Master Contract Agreement relating to dues deductions.
Jan 29, 2022 · What is an Indemnity Clause? An indemnity clause is a contract provision that assigns certain defined legal and commercial risks to the contracting party that is best positioned to manage them. Indemnity clauses can sometimes be known as “indemnities” or “indemnified matters” in some instances.
Aug 9, 2023 · Indemnifications, or “hold harmless” provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
What are indemnity provisions? Indemnity provisions, also known as “indemnities” or “indemnity clauses”, are commonly included in contracts to allocate risk between contracting parties.
The Company shall indemnify, defend, and hold harmless the Ramot Indemnitees against any liability, damage, loss, or expense (including reasonable attorneys fees and expenses of litigation) incurred by or imposed upon any of the Ramot Indemnitees in connection with any third party claims, suits, actions, demands or judgments (“Claims”) under any...
Contractual indemnities - drafting effective clauses. by David Gerber, Craig Hine. 01 May 2013. There are five basic steps you can take to ensure your contractual indemnity works the way you intended it to. An indemnity is little more than an agreement to cover loss and damage suffered by another.
