17-158 17-158 . . . Indemnification Agreement between corporation and its directors and/or officers including future directors and officers containing detailed provisions relating to method for determining whether standards for indemnification or reimbursement have been met and making corporation responsible for all costs of determining whether a person is entitled to indemnification or reimbursement regardless of whether person is ultimately found to be entitled to indemnification
Rhode Island Indemnification Agreement between corporation and its directors regarding method for determining whether standards for indemnification have been met
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How to fill out Indemnification Agreement Between Corporation And Its Directors Regarding Method For Determining Whether Standards For Indemnification Have Been Met?
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FAQ
The general contractor's right to indemnity from the subcontractor can arise out of contract, or, if the subcontract agreement does not have a provision giving a right of indemnity to the general contractor, then the general contractor can rely on ?common law? indemnity (indemnity recognized by the courts under ...
If there is no indemnification clause you are at a higher risk of liability when a dispute arises. Remember, your service contract is there to protect YOU. While all contracts should be somewhat two-sided and have clauses protecting the rights of your client, YOUR CONTRACT is mainly there to safeguard you.
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.
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.
What Is an Indemnification Clause? An indemnification clause is a legally binding agreement between two parties specifying that one party (the indemnifying party) will compensate the other party (the indemnified party) for any losses or damages that may arise from a particular event or circumstance.
Indemnification is, generally speaking, a reimbursement by a company of its Ds&Os for expenses or losses they have incurred in connection with litigation or other proceedings relating to their service to the company.
Indemnification is an agreement wherein one party agrees not to hold another party liable for legal causes of action in the future. Usually, only one party ?indemnifies? the other party. It is fairly comparable to a liability waiver but may be more detailed.
It depends. There are some situations where indemnification is mandatory, but in most circumstances whether a director or officer is entitled to indemnification depends on the plain language of the corporation's bylaws or certificate of incorporation.