Indiana Form of Indemnification Agreement by Kyle Technology Corp. serves as a legally binding contract between Kyle Technology Corp. and its employees or directors, aimed at protecting them from legal liabilities and providing financial security. This agreement includes various sections outlining the terms and conditions under which indemnification would be granted. Here are some relevant keywords and types of Indiana Form of Indemnification Agreement by Kyle Technology Corp.: 1. Indemnification: This agreement serves to indemnify and hold harmless Kyle Technology Corp.'s employees and directors from any losses, damages, expenses, or liabilities incurred while carrying out their duties or responsibilities within the scope of their employment. 2. Scope and Eligibility: The agreement specifies the classes of individuals eligible for indemnification, typically including officers, directors, employees, and agents of Kyle Technology Corp. The parties covered under this agreement also include those serving at the request of Kyle Technology Corp. in another capacity, such as a subsidiary or affiliate. 3. Third Party Claims: The agreement establishes the circumstances under which indemnification can be sought, usually limited to claims, suits, actions, or proceedings (including criminal) brought against the indemnified party by third parties as a result of their actions related to the company. 4. Legal Defense: It details the company's obligation to provide legal representation and cover reasonable expenses incurred by the indemnified party during any legal proceedings covered by the agreement unless it is later determined that the indemnified party acted in bad faith or engaged in misconduct. 5. Advanced Expenses: The agreement may permit Kyle Technology Corp. to advance legal expenses to the indemnified party before the final disposition of the legal claim, subject to certain conditions and requirements. 6. Settlements and Judgments: It outlines the procedures for settling claims and states that any settlement or judgment must be approved by Kyle Technology Corp., unless the indemnified party provides evidence of acting in good faith and reasonably believed their actions were in the company's best interest. 7. Insurance: The agreement may require Kyle Technology Corp. to maintain appropriate directors and officers liability insurance to ensure the availability of funds for indemnification obligations. 8. Termination of Indemnification: It includes provisions for the termination of indemnification rights upon a change in laws, court order, or amendment to the company's bylaws. 9. Severability: This clause ensures that if any provision of the agreement is deemed unenforceable or invalid, the remaining provisions shall continue to be binding. It is worth noting that the specific terms and conditions of the Indiana Form of Indemnification Agreement by Kyle Technology Corp. may vary, contingent on the unique requirements and internal policies of the company.
Indiana Form of Indemnification Agreement by Kyle Technology Corp.
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How to fill out Indiana Form Of Indemnification Agreement By Kyle Technology Corp.?
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FAQ
As used herein, ?INDEMNIFY? means to agree to assume the Released Parties' liability in a situation, thereby relieving them of responsibility, and/or reimbursing the Released Party for Claims asserted against them. 5.
Some common synonyms of indemnify are compensate, pay, recompense, reimburse, remunerate, repay, and satisfy. While all these words mean "to give money or its equivalent in return for something," indemnify implies making good a loss suffered through accident, disaster, warfare.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
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.
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction.
Sponsor shall indemnify and hold Institution, System, their Regents, officers, agents, and employees harmless against any and all claims, demands, damages, liabilities and costs which directly or indirectly result from, or arise in connection with, any negligent act or omission of Sponsor, its agents, or employees, ...
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay. This article further defines indemnity clauses.
On this page you'll find 61 synonyms, antonyms, and words related to indemnification, such as: compensation, indemnity, restitution, benefit, counterclaim, and coverage.
A waiver or release of liability is a contract releasing a party from liability for injuries resulting from their ordinary negligence. An indemnification agreement is a contract agreeing to reimburse the party for any monetary loss incurred as a result of a participant's engagement in an activity.