Louisiana Articles of Incorporation with Indemnification
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How to fill out Articles Of Incorporation With Indemnification?
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FAQ
In legal terms, an Act of Indemnity is a statute passed to protect people who have committed some illegal act which would otherwise cause them to be subjected to legal penalties.
Louisiana Oilfield Anti-Indemnity Act [2] The LOAIA prohibits indemnification for an indemnitee's own negligence or fault that causes death or bodily injury to another person. Unlike the other three Oilfield Indemnity Acts, the LOAIA does not prohibit indemnification for property damage.
Under Marcel, a court will not void an additional insured undertaking where no material part of the cost of adding the additional insured to the policy was borne by the party owing indemnity.
A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.
The LOAIA prohibits an indemnitor to indemnify an indemnitee in agreements pertaining to a well for the indemnitee's own negligence or fault?including strict liability?that causes death or bodily injury to another (La. R.S. 80). It applies only to personal injury or death and not property damage.
An anti-indemnity statute is a law defining how much risk can be transferred between parties in a contract and is oftentimes used in construction contracts. An anti-indemnity statute protects sub-contractors from risks they take on from a primary contractor.