District of Columbia Indemnification Agreement among Financial Security Assurance, ABFS and American Business Credit

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-EG-9058
• Format: Word; Rich Text

Description

Indemnification Agr. among Financial Security Assurance, ABFS 1999-4, American Bus. Credit, et al. Dated Dec. 1, 1999. 13 pages

District of Columbia (DC) Indemnification Agreement is a legally binding contract drafted among Financial Security Assurance (FSA), ABCs, and American Business Credit (ABC) to outline the terms and conditions regarding indemnification and liability protection within the jurisdiction of the District of Columbia. This agreement safeguards the interests of all the involved parties and establishes a comprehensive framework for handling indemnification claims, mitigating risks, and ensuring financial security for each entity. Key terms covered in the District of Columbia Indemnification Agreement may include: 1. Indemnification Provision: The agreement clarifies the extent to which FSA, ABCs, and ABC agree to indemnify each other for losses, damages, or liabilities arising out of their business operations within the District of Columbia. This includes protection against any claims, lawsuits, or legal actions initiated by third parties. 2. Scope of Indemnification: The agreement specifies the scope of indemnification by defining the types of losses or liabilities that are eligible for indemnity. It may include legal fees, court costs, settlement amounts, judgments, or other reasonable and necessary expenses incurred due to authorized activities conducted by the parties. 3. Indemnification Exclusions: The agreement outlines specific exclusions or situations where indemnification does not apply. This could involve acts of intentional misconduct, fraud, or willful negligence by any party, ensuring accountability and discouraging wrongful actions. 4. Defense Obligation: The agreement may specify the duties and responsibilities of each party to provide adequate defense in case of any legal claims arising within the jurisdiction of the District of Columbia. It describes how legal representation and costs will be handled and shared among the parties. 5. Insurance Requirements: The agreement may require all parties to maintain appropriate insurance coverage, such as general liability insurance, professional liability insurance, or director and officer liability insurance, to further protect against potential claims and losses. 6. Notice and Reporting: The agreement establishes a process for promptly notifying each party about any potential claim or lawsuit requiring indemnification. This ensures that the parties are informed and can take necessary actions to protect their rights and interests. 7. Term and Termination: The agreement defines the duration of the indemnification obligations, specifying any termination clauses or renewal options. It may also include provisions for surviving obligations even after the termination of the agreement. Different types of District of Columbia Indemnification Agreements among FSA, ABCs, and ABC could involve variations in coverage, liability limits, or specific focus areas based on the unique circumstances of their business relationships. These agreements may include specialized indemnification clauses for specific activities, transactions, or operations conducted within the District of Columbia, ensuring all parties are adequately protected and liabilities are appropriately assigned.