This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Mississippi Indemnification of Lessor
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State:
Multi-State
Control #:
US-OG-801
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Word;
Rich Text
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How to fill out Indemnification Of Lessor?
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FAQ
Indemnification is the assumption of another party's liability under a contract, such as a lease. Therefore, under an indemnification clause, tenants typically agree to reimburse the landlord, or pay directly, ?all losses, claims, suits, liability, and expense? related to a liability situation.
The terms of an indemnification agreement ensure that you are not held liable for any contract-related loss or damage outside of your control.
?Indemnify,? on the other hand, means that if the landlord is sued by the injured customer, the tenant agrees to reimburse them for costs incurred as a result of the lawsuit. ?Defend,? however, means that tenant is responsible for defending the landlord from lawsuits.
Primary tabs. To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
The indemnification clause is a crucial element in commercial contracts as it helps mitigate the risks and consequences associated with potential breaches of contracts. This clause also ensures that the parties are fairly compensated for their losses and helps maintain a stable and predictable business relationship.
If the indemnification condition is found to be proper, this usually means that the party has relinquished their right to damages in a lawsuit. Regardless, if the indemnification provision wasn't proper, a lawsuit can actually be filed against the other party.
Mississippi law invalidates indemnification agreements contained in both public and private contracts for construction, alteration, repair or maintenance of buildings, structures, highway bridges, viaducts, water, sewer or as distributions systems, or other work dealing with construction, moving, demolition or ...
Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorneys fees, arising out of, connected with, or resulting from the equipment or the Lease, including without limitation, the manufacture, ...