Connecticut Indemnification Agreement by Witco Corporation
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How to fill out Indemnification Agreement By Witco Corporation?
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FAQ
In Connecticut, there is a five-year time limit for the filing of crimes that carry a punishment of imprisonment for more than one year. Most other crimes, with some notable exceptions, have a one-year deadline. Murder and other Class A felonies, meanwhile, have no statute of limitations.
Notwithstanding any provision of this chapter, an action for indemnification may be brought within three years from the date of the determination of the action against the party which is seeking indemnification by either judgment or settlement.
Most jurisdictions do not require notarization for an Indemnity Agreement to be valid. However, you can reinforce the validity of the parties' signatures if you choose to notarize the document.
Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
Connecticut nonstock corporations are required to indemnify directors, officers and agents under certain circumstances. "Indemnification" means that the organization must "pay back" the individual for damages and expenses relating to a claim that arises from conduct in the course of his/her duty for the organization.
This mandatory indemnification. includes the payment of reasonable expenses. and attorneys' fees incurred in connection. with the lawsuit. Directors and officers are entitled to enforce their right to mandatory indemnification in court.
?Where one who has committed no actual wrong is held vicariously liable for the wrongdoing of another, he has a right to indemnification from the actual wrongdoer.? Id.
Are indemnification clauses enforceable? Indemnification clauses are generally enforceable, but there are important qualifications. Some courts hold that broad form or ?no fault? indemnifications, which are blind to fault on the part of either party, violate public policy.