This form is a demand for indemnity from a Limited Liability Company by a member.
Massachusetts Demand for Indemnity from a Limited Liability Company LLC by Member
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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
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.
Indemnification clauses vary widely, but in a typical indemnification provision, the obligor (indemnifying party) promises to reimburse the obligee (indemnified party) from and against any and all "losses, liabilities, claims, and causes of action" (recoverable damages) incurred by the indemnified party that "cause," " ...
What Is an Indemnification Clause? An indemnification clause is a legally binding agreement between two parties specifying that one party (the indemnifying party) will compensate the other party (the indemnified party) for any losses or damages that may arise from a particular event or circumstance.
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 Power of Corporations and LLCs to Indemnify American Bar Association ? 2022-november ? the-... American Bar Association ? 2022-november ? the-...
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity. How to Draft an Indemnification Clause - LinkedIn linkedin.com ? advice ? what-key-elements-... linkedin.com ? advice ? what-key-elements-...
An indemnity agreement is a promise to hold another party harmless when that party suffers some injury, legal harm, or financial harm. Indemnity Agreements in Massachusetts Business Contracts Katz Law Group ? indemnity-agreemen... Katz Law Group ? indemnity-agreemen...
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 ? LLC Operating Agreements: Indemnity, Arbitration, and Equity - JD Supra jdsupra.com ? legalnews ? llc-operating-agr... jdsupra.com ? legalnews ? llc-operating-agr...
Public employers may indemnify public employees, and the commonwealth shall indemnify persons holding office under the constitution, from personal financial loss, all damages and expenses, including legal fees and costs, if any, in an amount not to exceed $1,000,000 arising out of any claim, action, award, compromise, ...