Nebraska Indemnity Agreement is a legal document designed to provide protection and security to corporations and their directors, officers, employees, and agents. This agreement outlines the terms and conditions under which the corporation agrees to indemnify and hold harmless its individuals against any liability, expenses, or claims arising from their activities in the corporation's best interests. Keywords: Nebraska, Indemnity Agreement, corporation, directors, officers, employees, agents, liability, expenses, claims, indemnify, hold harmless, legal document, protection, security. There are different types of Nebraska Indemnity Agreements that may vary based on specific provisions and arrangements agreed upon by the involved parties. Some of these agreements include: 1. Standard Nebraska Indemnity Agreement: This is a general agreement that outlines the indemnification terms and conditions provided to the corporation's directors, officers, employees, and agents. It typically covers a wide range of potential liability situations, including legal expenses and claims arising from their official roles within the corporation. 2. Directors' and Officers' (D&O) Indemnity Agreement: This type of Nebraska Indemnity Agreement focuses specifically on the corporation's directors and officers. It offers comprehensive protection against claims and liabilities resulting from their actions and decisions made in their official capacities. D&O Indemnity Agreements often include provisions for expenses related to legal defense, settlements, and judgments. 3. Employee Indemnity Agreement: This agreement is designed to provide indemnification to regular employees of the corporation. While not as extensive as the D&O Indemnity Agreement, it covers potential liabilities occurring within the scope of their employment, such as actions performed in the name of the corporation. 4. Agent Indemnity Agreement: This type of agreement applies to individuals representing the corporation as agents. It offers protection against claims and liabilities arising from their acts, errors, or omissions made while acting on behalf of the corporation. In conclusion, Nebraska Indemnity Agreement is a legal contract that provides protection to corporations and their authorized individuals against potential liability. Different types of agreements, such as Standard, D&O, Employee, and Agent Indemnity Agreements, offer specific provisions catering to the varying roles within the corporation. These agreements aim to ensure the corporation's directors, officers, employees, and agents can fulfill their duties without fear of personal financial ramifications.
Nebraska Indemnity Agreement between corporation and directors officers employees and agents of corporation
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FAQ
Indemnification clauses are contractual provisions that require one party (the ?Indemnitor?) to indemnify another party (the ?Indemnitee?) for losses that the Indemnitee may suffer. In prime contracts, the owner usually is the Indemnitee and the contractor is the Indemnitor.
Indemnification refers to the right to have a company reimburse current or former directors or officers for all losses, including legal fees, incurred in connection with litigation arising from actions taken in service to the company or at the company's direction.
A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.
An action based on breach of a written contract must be commenced within five years of accrual of a cause of action.
Indemnity is a type of insurance compensation paid for damage or loss. When the term is used in the legal sense, it also may refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
Section 145(c)(1) provides that to the extent a director has been successful on the merits or otherwise in defense of any action, suit, or proceeding referenced in Section 145(a) or Section 145(b), the director shall be indemnified against expenses actually and reasonably incurred by the director in connection ...
Indemnification is often very broad, often extending ?to the maximum extent permitted by law?, whereas D&O insurance polices contain numerous exclusions and conditions. In addition, D&O insurance must be renewed each year, with possible changes in terms and conditions.
A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.