District of Columbia Directors and Officers Indemnity Trust
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How to fill out Directors And Officers Indemnity Trust?
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FAQ
An indemnity clause allows for church staff and ministry leaders to not be held financially responsible if a lawsuit is brought against the church.
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.
A director may be indemnified by a company for legal costs arising out of criminal or civil proceedings the director successfully defends. a company can make payments to a director or officer in the course of litigation in respect of legal costs incurred by them in defending a liability described in section 199A(3).
The indemnification clause is a crucial element in commercial contracts as it helps mitigate the risks and consequences associated with potential breaches of contracts. This clause also ensures that the parties are fairly compensated for their losses and helps maintain a stable and predictable business relationship.
Indemnification & Volunteer Protection ? Most nonprofit bylaws include indemnification provisions ? language that expresses the intent of the nonprofit to cover the expenses a board member might incur in defending an action and paying settlements or judgments related to his service on the board.
Indemnification in the context of nonprofit bylaws generally refers to how the nonprofit will protect its directors and other agents in the event they are sued for acting in their capacity as agents of the nonprofit.
?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.
