Indemnity

• Category: Contracts - Indemnification
• State: Multi-State
• Control #: US-0818-WG
• Format: Word; Rich Text

Description Indemnity Sample

This is a sample form in which the Indemnitor hereby unconditionally and irrevocably indemnifies and agrees to reimburse, defend, exonerate, pay and hold harmless Lender and its directors, officers, policyholders, shareholders, employees, successors, assigns, agents, contractors, subcontractors, experts, licensees, affiliates, lessees, mortgagees, trustees and invitees, from and against any and all Environmental Damages arising from the presence of Hazardous Materials in, upon, about or beneath the Secured Property or migrating to or from the Secured Property, or arising in any manner whatsoever out of the violation of any Environmental Requirements pertaining to the Secured Property and the activities thereon, or the breach of any warranty or covenant or the inaccuracy of any representation of Indemnitor contained in the Loan Documents pertaining to Hazardous Materials or other environmental matters.

A sample indemnity bond format is a legal document that outlines the terms and conditions of indemnification between two parties, typically involving the risk of financial loss or damage. This bond serves as a legally binding agreement to protect one party from potential liabilities, losses, or claims arising from the actions, negligence, or omissions of the other party. The purpose of a sample indemnity bond format is to ensure that the party being indemnified is compensated if they suffer any loss, damage, or legal expenses due to the actions or inaction of the other party. This bond serves as a guarantee that the indemnity will cover any financial losses or damages incurred by the indemnified party. The sample indemnity bond format typically includes the following key components: 1. Identification of the parties: This section includes the names, addresses, and contact information of the indemnity (the party providing indemnification) and the indemnified party (the party being protected). 2. Bond amount: It specifies the maximum amount of money that the indemnity is liable to pay in case of any loss, claim, or damage. 3. Duration of the bond: This section outlines the period for which the indemnity bond remains valid and enforceable. 4. Scope of indemnity: It specifies the types of losses, damages, or claims that are covered under the bond. This section may include a detailed description of the risks and liabilities against which the indemnified party seeks protection. 5. Termination clause: It outlines the circumstances under which the bond can be terminated by either party. This may include provisions for a notice period or payment of outstanding liabilities before termination. Different types of sample indemnity bond formats exist depending on the specific context or industry requirements. Some common types include: 1. Contractor indemnity bond: This bond is commonly used in construction projects to safeguard against any potential losses arising from the contractor's actions, such as property damage or failure to comply with specifications. 2. Notary indemnity bond: Notaries often require an indemnity bond to protect themselves against financial obligations resulting from errors or negligence in notarized documents. 3. Bail bond indemnity: In legal cases, a bail bond indemnity bond ensures that the person or entity posting bail will cover any financial losses if the defendant fails to appear in court. 4. Insurance indemnity bond: Insurance companies may require a sample indemnity bond format to protect themselves against fraudulent or false claims made by policyholders. In conclusion, a sample indemnity bond format is a legally binding document that defines the terms of indemnification between two parties. It is designed to protect one party from potential financial losses or damages resulting from the actions or negligence of the other party. Different types of indemnity bond formats exist, including contractor indemnity bonds, notary indemnity bonds, bail bond indemnity, and insurance indemnity bonds.