North Dakota Surface Use Agreement (Contains Provisions Relative to Indemnity)
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How to fill out Surface Use Agreement (Contains Provisions Relative To Indemnity)?
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FAQ
The indemnitor, also called the indemnifier, or indemnifying party, is the person who is obligated to hold harmless the other party for its conduct, or another person's conduct.
Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
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.
The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.
This provision requires the supplier or service provider to indemnify the organisation against any legal costs resulting from a breach of its warranties. This essentially means the supplier accepts they are fully responsible for paying any legal costs if such an eventuality was to arise.
How Do You Create an Indemnification Agreement? Named Parties and Contractual Relationship. ... Governing Law and Jurisdiction. ... Indemnification Clause. ... Scope of Coverage. ... Exceptions. ... Notice and Defense of a Claim. ... Settlement and Consent Clause. ... Enforcement.
For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.