This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Texas Indemnification of Lessor
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Multi-State
Control #:
US-OG-801
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Word;
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How to fill out Indemnification Of Lessor?
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FAQ
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
Texas Insurance Code § 151.102 and Indemnity in Texas Indemnity clauses are contractual provisions that commit one party to compensate the other for losses arising out of a commercial contract.
Indemnification is the assumption of another party's liability under a contract, such as a lease. Therefore, under an indemnification clause, tenants typically agree to reimburse the landlord, or pay directly, ?all losses, claims, suits, liability, and expense? related to a liability situation.
Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorneys fees, arising out of, connected with, or resulting from the equipment or the Lease, including without limitation, the manufacture, ...
The Anti-Indemnity Provisions of Chapter 151 Section 151.101 states that Subchapter C, the Anti-Indemnity Act, applies to a construction contract for a construction project for which an indemnitor is provided or procures insurance subject to Chapter 151 (a CIP) or Title 10 of the Texas Insurance Code.
In an indemnity agreement, one party will agree to offer financial compensation for any potential losses or damages caused by another party, and to take on legal liability for whatever damages were incurred.
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.
?Indemnify,? on the other hand, means that if the landlord is sued by the injured customer, the tenant agrees to reimburse them for costs incurred as a result of the lawsuit. ?Defend,? however, means that tenant is responsible for defending the landlord from lawsuits.
