This form is a demand for indemnity from a Limited Liability Company by a member.
Kentucky Demand for Indemnity from a Limited Liability Company LLC by Member
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Multi-State
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US-216LLC
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How to fill out Demand For Indemnity From A Limited Liability Company LLC By Member?
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FAQ
Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
Under an indemnity clause, relief may be claimed for loss caused by the action of a third party which may not necessarily result from the breach of contract, whereas damages can only be claimed when there is a breach of contract by either party to a contract.
An indemnification situation arises when a third party (not a party to the contract) is harmed and makes a claim against one or all of the parties to the contract. Indemnity is not an appropriate remedy for claims, such as breach of contract claims, involving only the parties to the contract.
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 indemnity clause provided that the LLC's manager ?shall not be liable for and shall be indemnified and held harmless ? from any loss or damage incurred ? in connection with the business of the Company, including costs and attorneys' fees ?
An indemnification provision for direct claims typically covers damages relating to the indemnifying party's acts, omissions, or breach of the agreement.
The major point of difference between Damages and Indemnity is that Indemnity can be claimed for loss arising out of action of a third party whereas damages can only be claimed for loss arising out of the actions of the parties to the contract upon breach of contract.