Alabama Amendment of Articles to Expand Indemnification of Agents
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Sponsor shall indemnify and hold Institution, System, their Regents, officers, agents, and employees harmless against any and all claims, demands, damages, liabilities and costs which directly or indirectly result from, or arise in connection with, any negligent act or omission of Sponsor, its agents, or employees, ...
Indemnification is the right to be reimbursed for money paid out of pocket to solve a problem caused by the other party to a contract. In an agency-client relationship, indemnification clauses give clients legal reassurance that they won't be on the hook for certain mistakes made by an agency.
Indemnification of Employee. Employer shall indemnify Employee and hold him harmless for lawful acts or decisions made by him in good faith while performing his duties for Employer, its parent, subsidiaries and affiliates to the full extent allowed by law.
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
Section 10A-5A-2.02Amendment or restatement of certificate of formation. Notwithstanding Division B of Article 3 of Chapter 1: (a) A certificate of formation may be amended at any time. (b) A certificate of formation may be restated with or without amendment at any time.
This is an open-ended indemnification clause because the amount of any indemnification that might be paid by either party to the other is impossible to gauge at the time of the agreement. One party might have to pay millions of dollars at some later date, or perhaps neither party will ever have to pay.
A person who, whether present or absent, aids, abets, induces, procures, or causes the commission of an act which if done directly by him, would be a felony or a misdemeanor under a provision of this chapter, is guilty of the same felony or misdemeanor.
An indemnification clause protects you from liability if you're sued by a third-party due to negligence on the client's end. If an attendee is injured, for example, the clause ensures that the attendee cannot hold you legally responsible.