This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Arizona Indemnification of Lessor
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State:
Multi-State
Control #:
US-OG-801
Format:
Word;
Rich Text
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How to fill out Indemnification Of Lessor?
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FAQ
?Indemnify,? on the other hand, means that if the landlord is sued by the injured customer, the tenant agrees to reimburse them for costs incurred as a result of the lawsuit. ?Defend,? however, means that tenant is responsible for defending the landlord from lawsuits.
Indemnification is the assumption of another party's liability under a contract, such as a lease. Therefore, under an indemnification clause, tenants typically agree to reimburse the landlord, or pay directly, ?all losses, claims, suits, liability, and expense? related to a liability situation.
A contract of indemnity is one of the most important forms of commercial contracts. Several industries, such as the insurance industry, rely on these contracts. This is because of the nature of these contracts. They basically help businesses in indemnifying their losses and, therefore, reduce their risks.
In general, SB 1231 amended Arizona's public anti-indemnity statutes by clarifying and expanding the situations under which the state, and local governments, cannot require contractors, subcontractors and design professionals to indemnify a government body for the negligence of others. The changes to A.R.S.
The terms of an indemnification agreement ensure that you are not held liable for any contract-related loss or damage outside of your control.
?To indemnify? means to compensate someone for his/her harm or loss. 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.
Lessee shall indemnify and keep Lessor indemnified against all claims or proceedings made or brought against Lessor, and all damages, losses, costs, charges and expenses incurred by Lessor by reason of such claims or proceedings arising out of the state, condition, presence or use of the Equipment or in any way ...
Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorneys fees, arising out of, connected with, or resulting from the equipment or the Lease, including without limitation, the manufacture, ...