A Protective Covenant For Indemnity In Bronx
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To ensure the next owner absolves the original covenantor of liability if a positive covenant is breached, an indemnity covenant is used. Moreover, to maintain the 'chain of indemnity' throughout each subsequent sale, indemnity covenants are used within each transaction.
Indemnification comes into play in service agreements, too. In that context, they can be used to guard against things like breaches of warranties or breach of contract. Drafting and negotiating an effective indemnification provision benefits both parties.
New York's General Obligations Law §5-322.1 prohibits enforcement of an indemnification agreement for damage arising “out of bodily injuries to persons or damage to property contributed to, caused by, or resulting from the negligence of the promisee, his agents or employees, or indemnitee, whether such negligence be in ...
When is an indemnity covenant needed in a transfer? A transfer should include an indemnity covenant where, following completion, the seller will remain liable, or potentially liable, under covenants affecting the property.
When is an indemnity covenant needed in a transfer? A transfer should include an indemnity covenant where, following completion, the seller will remain liable, or potentially liable, under covenants affecting the property.
(c) Where indemnification is sought by judicial action, the court may allow a person such reasonable expenses, including attorneys' fees, during the pendency of the litigation as are necessary in connection with his defense therein, if the court shall find that the defendant has by his pleadings or during the course of ...
In the UK, indemnity covenants are agreements between two parties in which one party, the indemnifier, agrees to compensate the other party, the indemnified party, for any losses or damages that may occur as a result of a specific event or occurrence.
Yes. You may have bought the indemnity insurance but it is tied to the property. This means you can hand it over to new owners who will continue to be protected by it. However, if the property value increases, then you may have an additional premium to increase the cover.
An indemnity insurance policy covers a legal defect with the property that either can't be resolved or would be very costly and/or time consuming to do so. So, instead of trying to fix the problem, you simply take out the insurance to protect you against an expensive bill in the future.
