17-158 17-158 . . . Indemnification Agreement between corporation and its directors and/or officers including future directors and officers containing detailed provisions relating to method for determining whether standards for indemnification or reimbursement have been met and making corporation responsible for all costs of determining whether a person is entitled to indemnification or reimbursement regardless of whether person is ultimately found to be entitled to indemnification
Kentucky Indemnification Agreement between corporation and its directors regarding method for determining whether standards for indemnification have been met
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How to fill out Indemnification Agreement Between Corporation And Its Directors Regarding Method For Determining Whether Standards For Indemnification Have Been Met?
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A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.
In the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More common is in insurance contracts, in exchange for premiums paid by the insured to the insurer, the insurer offers to compensate the insured for any potential damages or losses.
Level One: Broad Form Indemnification. Broad form indemnification requires the indemnitor to pay not only for losses for which it is responsible but also for losses solely caused by the indemnitee. ... Level Two: Intermediate Form Indemnification. ... Level Three: Limited Form Indemnification.
There are three main types of express indemnity clauses: broad form, intermediate form, and limited form. Broad form express indemnity clauses require the indemnitor to hold the indemnitee harmless for all liability, even if the indemnitee is solely at fault.
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.
Methods of Providing Indemnity Cash payment. Replacement. Reinstatement. Repair.
Indemnification in the context of nonprofit bylaws generally refers to how the nonprofit will protect its directors and other agents in the event they are sued for acting in their capacity as agents of the nonprofit.