Maryland Indemnification Agreement by Witco Corporation
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How to fill out Indemnification Agreement By Witco Corporation?
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FAQ
Indemnities in IT contracts usually cover third-party claims and nothing else. The clause says that if a third party sues the ?indemnified party,? the indemnitor will pay any judgment. The indemnitor also generally agrees to pay settlements and to defend the case, hiring and paying lawyers.
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.
The IP infringement indemnification clause is a contractual provision that can provide both parties with a safety net against potential risks and liabilities arising from the unauthorised use of intellectual property.
"The State shall not assume any obligation to indemnify, hold harmless, or pay attorneys' fees that may arise from or in any way be associated with the performance or operation of this agreement."
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.
The clause demonstrates how an indemnity can limit: the types of claims allowed (limited to third parties only); and. the types of loss and damage that a supplier will cover under the contract (losses arising from the third-party claim for IP infringement).
Both indemnification and insurance transfer risk and guard against financial losses, but they do so differently: Indemnification transfers risk between contracting parties through a non-insurance agreement. Insurance transfers risk from one party to another in exchange for payment.
(2) Third party indemnity provision means provision for indemnity against liability incurred by the director to a person other than the company or an associated company.