Kansas Ratification and Approval of Indemnity Agreements
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How to fill out Ratification And Approval Of Indemnity Agreements?
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FAQ
Indemnity is a type of insurance compensation paid for damage or loss. When the term is used in the legal sense, it also may refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.
The indemnification clause is a crucial element in commercial contracts as it helps mitigate the risks and consequences associated with potential breaches of contracts. This clause also ensures that the parties are fairly compensated for their losses and helps maintain a stable and predictable business relationship.
Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.
Comparative Implied Indemnity App. 2d 401, 985 P. 2d 723, syl. 1 (1999) states: ?Comparative implied indemnity is an equitable remedy available to a single defendant among a number of tortfeasors, who by settling with the plaintiff or paying a judgment, pay the other tortfeasors' share of liability.?
? ? Kansas Stat. § 16-121. Statute voids promises on public and private projects to indemnify or provide liability coverage to another person as an additional insured for that person's own negligence, acts or omissions. There are six exceptions.
An indemnity agreement should be signed by both the indemnitor and the indemnitee. The indemnitor is the party who agrees to pay for any damages or losses that may incur, while the indemnitee is the party who agrees to be protected by the indemnity agreement.