This form provides boilerplate contract clauses that designate the rights of parties to appoint an Indemnitor Representative and outlines such representative's powers and obligations under the contract.
Guam Indemnity Provisions - Parties to the Indemnity
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Multi-State
Control #:
US-ND1006
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Word;
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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.
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.
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 ...
An indemnity agreement has two parties: Indemnitor: The party that holds another harmless in a contract. Indemnitee: The party that is protected by the indemnitor against liabilities.
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 ...
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.
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.