Indemnification Clause For Intellectual Property
Description
How to fill out Indemnification Agreement For A Trust?
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FAQ
The IP infringement indemnification clause is a contractual provision that can provide both parties with a safety net against potential risks and liabilities arising from the unauthorised use of intellectual property.
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
What is an indemnity? An indemnity is an obligation given by one party to a contract to compensate the other for some defined loss. Typically the obligation relates to a specific clause within a wider commercial agreement e.g. within an IP licence agreement.
Example: Intellectual Property Indemnification Clause The service provider shall indemnify the customer from any and all claims, causes of action, suits, damages or demands, arising out of any infringement of intellectual property rights used by the service provider in the course of delivering the services.
Example: Company A builds an innovative system that includes an MPEG CODEC. They sign a purchase agreement with Company B to supply the CODEC. The purchase agreement includes an IP indemnification clause requiring Company B to handle, and be liable for, any infringement claims against its product.
