Indemnitors covenant and agree to defend, indemnify and hold harmless, absolutely and unconditionally, the indemnitee from and against any and all damages, losses, claims, demands, actions, causes of actions, costs, expenses, liabilities and obligations of any kind whatsoever, including, but not limited to, attorney's fees in a certain matter.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
Indemnification Clause In Contract - Indemnification Agreement for a Trust
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Multi-State
Control #:
US-0777-WG
Format:
Word
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FAQ
An example of an indemnity contract might involve a construction agreement where the contractor agrees to indemnify the property owner from any injuries that happen on the job site. This means that if a worker is injured, the contractor is responsible for covering all related costs and legal fees. Such contracts are advantageous because they protect both parties from unforeseen liabilities and ensure smoother project execution.
No, indemnification does not mean you cannot sue. An indemnification clause in a contract establishes how financial losses will be handled, but it does not prevent a party from pursuing legal action. You can still seek compensation through legal means if necessary. The clause simply outlines who will bear the costs associated with the claim.
An example of an indemnification clause in a contract might state that 'Party A agrees to indemnify and hold harmless Party B from any claims arising from Party A's negligence.' This means if Party A is negligent, they will cover any financial losses Party B incurs due to that negligence. Such clauses help mitigate risks and foster a cooperative environment between the parties involved.
The indemnity clause in a contract is designed to protect parties from financial repercussions resulting from each other's actions. It serves as a legal safety net, ensuring that one party will cover costs associated with certain liabilities, such as legal fees or damages. This clause is critical for establishing trust between parties. It clearly defines which risks each party is willing to bear.
The primary purpose of an indemnification clause in a contract is to allocate risk between the contracting parties. This clause ensures that if one party suffers a loss due to the actions of the other, the responsible party will cover those costs. By clarifying responsibilities upfront, it helps avoid disputes in the future. Essentially, it promotes fairness and accountability.
An indemnification clause in a contract is a provision that transfers risk from one party to another. It requires one party to compensate the other for specific losses or damages. This clause helps define liability and protects against potential legal claims. Understanding this clause is essential for both parties involved in the contract.
An example of a professional indemnity clause might state: 'The service provider shall indemnify the client against all claims arising from the negligent performance of services.' This clause protects the client from any losses due to actions or omissions by the service provider, ensuring professional accountability within the contractual framework.
For an indemnification clause in a contract to be valid, it should be clearly stated and agreed upon by all parties involved. The clause must specify the nature of the indemnity, including what types of claims it covers. It also needs to be enforceable under state laws, which means it should not contravene public policy or statutory regulations.
An example of an indemnification clause in a contract might read: 'The indemnifying party shall indemnify and hold harmless the indemnified party against any claims, losses, or damages arising from the indemnifying party's negligence or willful misconduct.' This clear language outlines the responsibilities of both parties, promoting better understanding and compliance.
A reasonable indemnification clause in a contract defines equitable terms for both parties regarding liability. It should balance protection for the indemnified party while ensuring the indemnifying party is not overly burdened. Such clauses often include specific limits on liability and subject to applicable laws, fostering fairness in contractual relationships.
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An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. Indemnity is a contractual agreement between two parties.An indemnification clause basically transfers risk from one party to another.
