An Arkansas Indemnification Agreement is a legal document between a corporation and its directors that outlines the method for determining whether the standards for indemnification have been met in certain situations. It provides a framework for protecting directors from personal liability and ensuring they are indemnified for their actions in the course of their roles as directors. The agreement typically contains a detailed description of the standards that must be met in order for indemnification to be granted. These standards often include acting in good faith, exercising reasonable care, and acting in the best interest of the corporation. The agreement also specifies the process for determining whether these standards have been met. One type of Arkansas Indemnification Agreement could be a "Standard Indemnification Agreement." This is a general agreement that applies to all directors of the corporation, regardless of their position or level of responsibility. It outlines the standards and process for indemnification that are applicable to all directors. Another type of Arkansas Indemnification Agreement could be a "Special Indemnification Agreement." This is a more specific agreement that applies to certain directors who may have higher levels of responsibility or exposure to liability. The terms and conditions of indemnification may be tailored to the particular director's role within the corporation. The Arkansas Indemnification Agreement also commonly includes provisions related to the advancement of expenses incurred by directors in their defense against any claims or lawsuits. It may outline the circumstances under which directors are entitled to receive advancements and specify the process for requesting and receiving such advancements. Key terms relevant to the Arkansas Indemnification Agreement include "indemnification," "good faith," "reasonable care," "best interest," "director liability," "standards," "process," "advancement of expenses," and "defensive actions." These keywords help outline the main focus and elements of the agreement. In conclusion, an Arkansas Indemnification Agreement is an essential legal document that clarifies the method and standards for determining whether indemnification is granted to directors of a corporation. By ensuring that directors are protected from personal liability, this agreement encourages individuals to take up leadership roles and make informed decisions in the best interest of the corporation.
Arkansas Indemnification Agreement between corporation and its directors regarding method for determining whether standards for indemnification have been met
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How to fill out Indemnification Agreement Between Corporation And Its Directors Regarding Method For Determining Whether Standards For Indemnification Have Been Met?
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A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.
These provisions generally require the portfolio company to expressly acknowledge that the director has rights of indemnification, advancement, and insurance from the sponsor; to agree that it is the indemnitor of first resort and that it is obligated to advance all expenses and indemnify for all judgments, penalties, ...
ESSENTIALS OF CONTRACT OF INDEMNITY 1. PARTIES TO A CONTRACT: There must be two parties, namely, promisor or indemnifier and the promisee or indemnified or indemnity-holder. 2. PROTECTION OF LOSS: A contract of indemnity is entered into for the purpose of protecting the promisee from the loss.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties.
There are three main types of express indemnity clauses: broad form, intermediate form, and limited form. Broad form express indemnity clauses require the indemnitor to hold the indemnitee harmless for all liability, even if the indemnitee is solely at fault.
Giving directors an exemption from any liability to the company and an indemnity against liability to third parties; taking out and paying for insurance against any liability incurred by the directors.
Indemnification is, generally speaking, a reimbursement by a company of its Ds&Os for expenses or losses they have incurred in connection with litigation or other proceedings relating to their service to the company.