Description: A District of Columbia Indemnification Agreement is a legal contract between a corporation and its directors regarding the process of determining whether the standards for indemnification have been met. This agreement ensures that directors are protected and reimbursed for any legal expenses, liabilities, or damages incurred while acting in their capacity as a director. The terms of the Indemnification Agreement outline the method through which the corporation will evaluate and decide whether a director is eligible to be indemnified. This comprehensive evaluation takes into consideration various factors, such as the nature of the director's actions, the type of claim or proceeding, and relevant legal standards. The agreement establishes clear guidelines for the corporation and its directors to follow in order to assess whether the standards for indemnification have been met. Keywords: District of Columbia, Indemnification Agreement, corporation, directors, determining method, standards, indemnification, legal expenses, liabilities, damages, eligible, evaluation, nature of actions, type of claim or proceeding, legal standards, guidelines, assess. Different types of District of Columbia Indemnification Agreements regarding the method for determining whether the standards for indemnification have been met can include: 1. Standard Indemnification Agreement: This is a typical agreement that outlines the standard criteria and process for evaluating director eligibility for indemnification. It incorporates the aforementioned keywords. 2. Advanced Indemnification Agreement: Some corporations may have a more comprehensive and detailed agreement that provides additional criteria, requirements, or conditions for directors to meet in order to be indemnified. This type of agreement may involve higher standards or more specific evaluation methods. It is important to note that specific variations or alternative types of District of Columbia Indemnification Agreements can exist depending on the corporation's unique circumstances or legal requirements.
District of Columbia Indemnification Agreement between corporation and its directors regarding method for determining whether standards for indemnification have been met
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FAQ
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.
There are three main types of express indemnity clauses: broad form, intermediate form, and limited form. Broad form express indemnity clauses require the indemnitor to hold the indemnitee harmless for all liability, even if the indemnitee is solely at fault.
Indemnification Agreement to secure against loss or damage; to give security for the reimbursement of a person in case of an anticipated loss falling upon him. Also to make good; to compensate; to make reimbursement to one of a loss already incurred by him.
A Standard Clause to be inserted into a written executive employment contract detailing the corporate employer's obligation to reimburse the executive for losses incurred in legal proceedings related to service as a corporate director or officer.
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job. Indemnification means that in the event a lawsuit is filed against a company, the indemnified party is "held harmless" from claims.
Indemnification is, generally speaking, a reimbursement by a company of its Ds&Os for expenses or losses they have incurred in connection with litigation or other proceedings relating to their service to the company.
In the indemnification agreement, the corporation agrees to reimburse the director or officer for losses incurred in legal proceedings related to their service as a corporate director or officer to the maximum extent permitted by law.
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job. Indemnification means that in the event a lawsuit is filed against a company, the indemnified party is "held harmless" from claims.