What is a two way indemnification clause?

Mutual indemnification: Both parties agree to compensate the other party for losses that are caused by the indemnifying party's breach of the contract. One-way indemnification: Only one party provides this indemnity in favor of the other party.

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Indemnification Agreement for a Trust

Indemnification Clause For Both Parties

Category:

Trusts - Indemnification

State:

Multi-State

Control #:

US-0777-WG

Format:

Instant download

Description

The Indemnification Agreement is a legal document designed to protect the Indemnitee from liabilities and damages resulting from claims arising from their role as a Trustee of specified trusts. It outlines the obligation of the Indemnitor to indemnify the Indemnitee for any losses they may incur due to actions or inactions associated with their trustee duties, regardless of negligence. The indemnity protection commences upon execution of the agreement and continues for a specified number of years after the Indemnitee's death. This agreement must be authorized by the Board of Trustees and includes a resolution confirming this authorization. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it clarifies the responsibilities and protections for individuals in fiduciary roles, ensuring they are not personally liable for decisions made in good faith. Users should fill in relevant details, such as names, trust information, and consideration amounts, and adhere to specific drafting formats while ensuring understanding of terms and conditions outlined within the document. This agreement also helps to enhance trust and professional relationships between parties involved in managing trusts.

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FAQ

Indemnity clauses may be structured as mutual indemnification, where both parties agree to indemnify each other for specific types of losses, or they may be one-sided, where only one party agrees to indemnify the other. A mutual indemnification clause is a provision in which both parties agree to indemnify each other.

Examples of Indemnification Clauses Conversely, a mutual indemnification agreement could look something like this: ?Each party agrees to indemnify, defend, and hold harmless each other for and from any loss or liability arising out of the party's breach of this contract.?

Mutual indemnification: Both parties agree to compensate the other party for losses that are caused by the indemnifying party's breach of the contract. One-way indemnification: Only one party provides this indemnity in favor of the other party.

Each party shall indemnify, defend, protect, hold harmless, and release the other, its officers, agents, and employees, from and against any and all claims, loss, proceedings, damages, causes of action, liability, costs, or expense (including attorneys' fees and witness costs) arising from or in connection with, or ...