This form is a demand for indemnity from a Limited Liability Company by a member.
Georgia Demand for Indemnity from a Limited Liability Company LLC by Member
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Multi-State
Control #:
US-216LLC
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Word;
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How to fill out Demand For Indemnity From A Limited Liability Company LLC By Member?
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FAQ
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
Both corporations and LLCs authorize, and sometimes mandate, indemnification of agents but allow the entity to craft the indemnification terms. Indemnification encourages people to take on the responsibilities and risks of serving as decision makers for an entity.
The indemnity clause provided that the LLC's manager ?shall not be liable for and shall be indemnified and held harmless ? from any loss or damage incurred ? in connection with the business of the Company, including costs and attorneys' fees ?
To Benefit from a Limit of Liability, You Have to Breach That doesn't mean the limit of liability does the indemnitor no good. It can take advantage of the limit, but only if it breaches the contract. If it refuses its indemnity obligations, the limit of liability restricts the other party's damages for that breach.
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
It means that the client can only claim damages up to the amount specified by the cap, even if the law would otherwise award a greater sum in damages. Clauses that limit liability are therefore, a very useful and successful risk management tool that professional firms are well-advised to use where possible.
The Company shall indemnify and hold Employee harmless to the fullest extent permitted by the laws of the Company's state of incorporation in effect at the time against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney's ...
Upon the occurrence of any Event for which you may become entitled to indemnity in ance with the above, the Company shall make available to you, from time to time, the amounts of money required to cover the various expenses and other payments involved in the handling of any legal proceedings against you in ...