Sample Indemnity Clause With Cap
Description
How to fill out General Guaranty And Indemnification Agreement?
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FAQ
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
Disputed liability cap ?the Supplier's total liability to the Customer? arising out of or in connection with this Agreement (including all Statements of Work) shall be limited to an amount equivalent to 150% of the Charges paid or payable in the preceding twelve months from the date the claim first arose.
An indemnification cap, or cap on an indemnity clause , is a cap on liability. It represents the obligation of a seller to a buyer against breaches of reps and warranties. This cap is the maximum liability under the indemnification stipulations and is stated to a specific dollar amount.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
A cap will limit the total potential exposure either party has under an indemnification obligation. For example, in a business sale, often the seller's indemnification liability is capped at some negotiated number. This number limits the maximum amount the seller would owe to the buyer to cure any indemnity claims.