Indemnity Agreement Format India
Description
How to fill out General Form Of An Indemnity Agreement?
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FAQ
Example: Indemnify and Hold Harmless Clause The supplier agrees to indemnify and hold harmless the customer against all claims arising in respect of any injury, death, sickness or ill-health caused to or suffered by the customer and its personnel as a result of performance or non-performance of this Agreement.
Primarily used in the loan and mortgage industry, an Indemnity bond is an obligation that protects the lender if the borrower violates the terms and conditions of the loan availed of. An Indemnity bond is created on a stamp paper of a monetary value that varies from one state to another.
Some best practices to draft an indemnification clause are: use plain and simple words, avoid jargon or technical terms, specify the parties and the claims or losses covered by the indemnity, define the terms and conditions of the indemnity, include any exceptions or limitations of the indemnity, and use headings and ...
There are three main types of express indemnity clauses: broad form, intermediate form, and limited form. Broad form express indemnity clauses require the indemnitor to hold the indemnitee harmless for all liability, even if the indemnitee is solely at fault.
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.