Colorado Amendment of Articles to Expand Indemnification of Agents is a legal modification designed to provide enhanced protection to agents and executives within an organization. This amendment aims to broaden the scope of indemnification, shielding agents from potential liabilities and legal consequences arising from their actions performed on behalf of the company. By expanding indemnification provisions, this amendment strengthens the legal support system for agents, ensuring they can carry out their duties without excessive concern for personal liability. Key keywords to consider while discussing this topic are: 1. Colorado Amendment: Referring to the specific legislative change made in Colorado state law to expand indemnification of agents. This amendment is a result of a collective effort to enhance protection for agents. 2. Articles: Refers to the articles of incorporation or articles of organization, which outline the structure, purpose, and operations of a business entity. The amendment modifies these articles to incorporate the expanded indemnification provisions. 3. Indemnification: The act of compensating someone for potential losses or damages incurred during the performance of their duties. This amendment broadens the scope of indemnification, providing greater protection to agents. 4. Agents: Individuals within an organization who act on behalf of the company, making decisions and taking actions that impact its operations. The amendment focuses on indemnifying and protecting these agents from personal liability. Different types of Colorado Amendment of Articles to Expand Indemnification of Agents may include various versions or revisions made over time, each aimed at refining and strengthening the indemnification provisions for agents. Specific types could be denoted by the year in which the amendment was enacted or by different provisions included in each iteration.
Colorado Amendment of Articles to Expand Indemnification of Agents
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Blinder, Robinson & Co., the Colorado Supreme Court defined an indemnity agreement as ?[a]n agreement by one person to hold another person harmless from such loss or damage as may be specified in the agreement.?19 If ?indemnify? and ?hold harmless? are synonymous, the term ?hold harmless? is unnecessary in an indemnity ...
It's important to note that a special deadline applies if the property damage results from a motor vehicle accident. In that situation, the statute of limitations deadline is three years., ing to Colorado Revised Statutes section 13-80-101.
No tortfeasor is compelled to make contribution beyond his own pro rata share of the entire liability. (3) There is no right of contribution in favor of any tortfeasor who has intentionally, willfully, or wantonly caused or contributed to the injury or wrongful death.
The express negligence rule requires all of the involved parties to specifically express intent to indemnify themselves in the signing of a contract.
Colorado's anti-indemnity statute prohibits indemnity provisions that require an indemnitor to pay for damages caused by the indemnitee's own fault or negligence, or that of its agents.
§ 13-21-111.5. The Colorado anti-indemnity law limits a defendant's liability to ?the degree or percentage of the negligence or fault attributable? to the defendant.