Indemnification Clause For Third Party Claims
Description
How to fill out Indemnification Agreement For A Trust?
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FAQ
Example: Third Party Indemnity Clause The service provider shall indemnify the customer against all actions, claims, losses and expenses in respect of loss or damage to third party property arising from the services supplied by the service provider.
In an indemnity clause, one party promises to protect the other against losses related to some incident, like an accident or a third-party lawsuit. If the incident happens, the ?indemnitor? pays the costs, particularly liability to third parties.
Answer: Indemnification language in a contract is traditionally understood to apply only to third party claims and not to ?direct? claims between the parties themselves. Many courts will presume this interpretation unless the parties clearly express an intent for indemnification to apply to direct claims.
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.
Types of indemnity clauses reverse - one party indemnifies the other against losses resulting from the second party's own acts and/or omissions. third party - one party indemnifies the other in relation to liabilities or claims by a third party.
