Colorado Approval of Indemnification Agreements with article amendment and amendment to bylaws
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FAQ
§ 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.
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.
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 ...
The corporate opportunity doctrine prohibits a corporate fiduciary from exploiting an opportunity related to the corporation's business unless he or she first offers that opportunity to the corporation.
The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.
In its most basic sense, an indemnification provision is a clause in which a party agrees to compensate another party for a loss or damage sustained. entities, an indemnification provision in a special district contract is problematic because the provision may create an open-ended obligation on the use of public money.
What is indemnification? Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.