This form provides boilerplate contract clauses that cover procedural issues with regards to indemnity in both third-party and non-third-party claims. Several different language options are included to suit individual needs and circumstances.
Iowa Indemnity Provisions - Procedural Issues
Category:
State:
Multi-State
Control #:
US-ND1013
Format:
Word;
PDF
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FAQ
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
Example 1: A service provider asking their customer to indemnify them to protect against misuse of their work product. Example 2: A rental car company, as the rightful owner of the car, having their customer indemnify them from any damage caused by the customer during the course of the retnal.
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.
Indemnity clauses will specify what types of loss or harm they cover, for example: all lawsuits, actions or proceedings, demands, damages and liabilities; all claims, liabilities, losses, expenses and damages arising from the contract; loss or damage or injury to property; and.
Upon the occurrence of an instance for which you may be entitled to indemnification as set forth above, the Company will provide you, from time to time, with the money required to cover the expenses and other payments related to handling any legal proceeding against you as related to the said instance, including ...
If an indemnity is considered appropriate, when negotiating the indemnity, parties should take into consideration the potential impact of the indemnity on their insurance coverage, their risk of exposure to liability under the contract, and whether any limitations or restrictions should be imposed on the indemnity to ...
An indemnification clause is a legally binding agreement between two parties specifying that one party (the indemnifying party) will compensate the other party (the indemnified party) for any losses or damages that may arise from a particular event or circumstance.
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 ...