Texas Indemnification Agreement for Personal Property
Description
How to fill out Indemnification Agreement For Personal Property?
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FAQ
The State of Texas is immune from liability and from suit with respect to most causes of action against it under the doctrine of sovereign immunity.
This Standard Clause gives the parties the option to require the indemnifying party to either: Indemnify and defend. Indemnify, defend, and hold harmless.
Tips for Enforcing Indemnification ProvisionsIdentify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.
Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.
Company/Business/Individual Name shall fully indemnify, hold harmless and defend and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not
Indemnification ClausesMany government contracts use boilerplate provisions that require the contractor to indemnify the state or local government for liability and litigation costs arising out of performance. Some state laws limit the ability to shift responsibility for one's own negligent acts.
California courts have held that indemnify and hold harmless confer distinct rights: (1) Indemnify is an offensive right, allowing the indemnified party to seek indemnification from the indemnifying party; (2) Hold harmless is a defensive right, protecting the indemnified party from being bothered by the other
A personal indemnity agreement is an agreement between you and the bond company that states that you will compensate the surety company for any losses.
A state governmental entity may not require a contractor to indemnify, hold harmless, or defend the state for claims or liabilities resulting from the negligent acts or omissions of the state governmental entity or its employees.
Sellers should also limit the survival period for most indemnification claims to just a short time after closing, i.e., six months to two years (although certain "fundamental" claims or particularly risky claims typically survive for much longer periods).
