Pennsylvania Indemnification Agreement by Witco Corporation
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How to fill out Indemnification Agreement By Witco Corporation?
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FAQ
Indemnification means - the right of a partner to be reimbursed for expenditures incurred on behalf of the partnership.
Insurance ? The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same extent as the most favorably insured of the company's and its affiliates' current directors and officers.
The right to indemnification may be implied by obligation of law in vicarious liability situations or created by express contract. Implied (or common law) indemnification exists where ?the law imposes liability on a party who has committed no actual wrong but who is held responsible for a loss ... ?
2d 893 (Pa. 1971). At common law, indemnification is an equitable remedy that ultimately shifts the entire responsibility for damages from a party who, solely by operation of law, has been required to pay a claim because of some legal relationship to the party at fault.
Under Pennsylvania law, courts follow the ?Perry-Ruzzi? rule, under which ?provisions to indemnify for another party's negligence are to be narrowly construed, requiring a clear and unequivocal agreement before a party may transfer its liability to another party.? See Bernotas v. Super Fresh Food Markets, 963 A.
Indemnification is a legal agreement by one party to hold another party blameless ? not liable ? for potential losses or damages. It is similar to a liability waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract.