This form is used by the shareholder of a lost stock certificate to indemnify and hold harmless the officers, directors, shareholders, successors, and assigns of the corporation. The form is available in both word and word perfect formats.
Alabama Shareholder's Indemnity Agreement
Category:
State:
Alabama
Control #:
AL-003-08-CP
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Alabama Shareholder's Indemnity Agreement?
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FAQ
It's still your business decision whether you sign them or not, but you should do so only where it is a critical contract that you have no way of modifying or negotiating changes. In contrast, the best kind of Indemnity Agreement is commonly called a Mutual Indemnity Agreement or a Mutual Hold Harmless Provision.
Indemnity is compensation paid by one party to another to cover damages, injury or losses.An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.
Identify Time Periods for Asserting Indemnification Rights. Provide Notice in a Timely Fashion. Notify All Concerned Parties. Understand Limitations on Recovery. Exclusive Remedy. Scope of Damages. Claims Process/Dispute Resolution.
Executing Your Hold Harmless Agreement Once the hold harmless agreement has been completed, simply have all parties sign and date to complete the document. Although not required, it is always a good idea to have the document notarized for extra protection.
Company/Business/Individual Name shall fully indemnify, hold harmless and defend _______ and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not
The date of the agreement. The name of the person held harmless or protected, with their address. The name of the other party to the agreement, with their address. Details about the activity or event the agreement is about, such as horseback riding or country club membership.
A letter of indemnity must mention the details of both the parties involved in the transaction. These details are, generally, full legal name and complete official or residential address with pin code.
Drafting of the indemnity clause An indemnifier must limit the amount of indemnities that is given while entering into a contract. An express obligation must be imposed so as to minimize the loss, and the duration of time in which the claim can be brought must be limited.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.