New Mexico Form of Indemnification Agreement by Kyle Technology Corp. is a legally binding document that outlines the terms and conditions under which Kyle Technology Corp. (hereinafter referred to as "the Company") agrees to indemnify and hold harmless certain individuals from any claims, liabilities, damages, expenses, and losses arising out of their involvement with the Company. The agreement is designed to protect the Company's officers, directors, shareholders, employees, and agents (hereinafter referred to as "Indemnities") from any potential legal actions or financial burdens that may arise during their performance of duties for the Company. By signing this agreement, the Company acknowledges its responsibility to provide indemnification to the Indemnities and outlines the specific terms of such protection. Key provisions covered in the New Mexico Form of Indemnification Agreement may include: 1. Scope of Indemnification: This section defines the extent to which the Company is responsible for indemnifying the Indemnities. It outlines the types of claims, liabilities, damages, expenses, and losses that are covered under the agreement. 2. Indemnification Process: This section explains the procedures and steps to be followed in case an Indemnity seeks indemnification. It outlines the notification requirements, submission of claims, and the Company's obligation to provide timely compensation. 3. Limitations and Exceptions: This section may specify certain limitations or exceptions where the Company's indemnification obligations are not applicable. It may include instances of intentional misconduct, breach of fiduciary duty, or violation of laws or regulations. 4. Advancement of Expenses: This provision covers the Company's commitment to advancing legal and other expenses incurred by Indemnities in defending claims. It includes procedures for requesting and receiving such advancements. 5. Insurance: This section addresses the Company's obligation and discretion to secure insurance coverage to protect the Indemnities from potential liabilities. Variations or different types of the New Mexico Form of Indemnification Agreement by Kyle Technology Corp. may include: 1. New Mexico Form of Indemnification Agreement for Directors: This specific agreement focuses on providing indemnification and protection to the Company's directors. 2. New Mexico Form of Indemnification Agreement for Officers: This agreement specifically outlines the terms and conditions of indemnification for the Company's officers. 3. New Mexico Form of Indemnification Agreement for Shareholders: This agreement primarily concerns indemnification provisions for the Company's shareholders. It is important to note that the specific terms, language, and provisions of the New Mexico Form of Indemnification Agreement may vary based on the legal requirements and internal policies of Kyle Technology Corp. Therefore, it is crucial to consult with legal professionals or reference the company's specific templates for an accurate and up-to-date understanding of the agreement.
New Mexico Form of Indemnification Agreement by Kyle Technology Corp.
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How to fill out New Mexico Form Of Indemnification Agreement By Kyle Technology Corp.?
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For example, the term "indemnify" is used when a business hopes to protect itself against claims from a customer's error, while a hold harmless clause prevents a business from taking any responsibility for a customer's mistake.
What Is a Hold Harmless Agreement? A hold harmless agreement is a clause in a legal contract absolving one party of legal liability for any injuries or damages suffered by another party. It ensures that one party cannot hold the other party legally responsible for any risks incurred from services provided.
On this page you'll find 61 synonyms, antonyms, and words related to indemnification, such as: compensation, indemnity, restitution, benefit, counterclaim, and coverage.
There are three main types of express indemnity clauses: broad form, intermediate form, and limited form. Broad form express indemnity clauses require the indemnitor to hold the indemnitee harmless for all liability, even if the indemnitee is solely at fault.
The main difference in this case is that ?hold harmless? may require a party to protect against actual losses as well as potential losses while indemnification protects against actual losses only. Certain states, including Ohio, Colorado, Louisiana and Delaware, hold that ?indemnify? and ?hold harmless? are synonymous.
This form of a Release Agreement, Indemnity Agreement and Hold Harmless Agreement releases a party from certain specified liabilities. Releases are used to transfer risk from one party to another and protect against the released party or reimburse the released party for damage, injury, or loss.
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.