Illinois Indemnification Agreement by Witco Corporation
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How to fill out Indemnification Agreement By Witco Corporation?
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FAQ
What Are the Types of Indemnity Clauses? Bare Indemnity. Here, the supplier must compensate the affected party to cover losses caused by circumstances predefined in the contract. ... Third-party Indemnity. A third-party indemnity applies to third-party claims made against one of the parties. ... Inter-party Indemnity.
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.
Indemnity clauses may be structured as mutual indemnification, where both parties agree to indemnify each other for specific types of losses, or they may be one-sided, where only one party agrees to indemnify the other. A mutual indemnification clause is a provision in which both parties agree to indemnify each other.
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.
Indemnification Expenses means any and all costs, losses, claims, damages or liabilities, joint or several, including without limitation, reasonable attorney's fees and disbursements paid by the Master Fund to Grosvenor pursuant to Section 12 of the Advisory Agreement.
Examples of Indemnity Applied to Insurance Claims For example, if another driver rear-ends your car, your insurer indemnifies you and helps cover your repair bill and medical treatment. Your insurer will also likely try to get the other driver's insurance company to reimburse them for the claim costs.
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 rights to indemnification and prepayment of expenses which are conferred to the Management Persons by paragraphs (a) and (b) above may be conferred upon any employee or agent of the Company if, and to the extent, authorized by the members.