A Demand for Indemnity from a Limited Liability Company by Member is a type of legal document in which a limited liability company (LLC) member requests that the LLC provide financial protection against any claims or liabilities that may arise from the performance of their duties as a member. The demand is typically made in writing and can be used in the event that a member is sued or held liable for any issues related to their membership in and/or ownership of the LLC. The most common types of Demand for Indemnity from a Limited Liability Company by Member are breach of fiduciary duty indemnity, personal liability indemnity, and liability for contractual obligations' indemnity. A breach of fiduciary duty indemnity is a type of demand for indemnity that holds the LLC responsible for any losses incurred by the member due to a breach of their fiduciary duties, which include acting in the best interests of the LLC and its members. A personal liability indemnity is a demand for indemnity that seeks to protect the member from any personal liability that may arise due to their involvement in the LLC. Finally, a liability for contractual obligations' indemnity is a demand for indemnity that holds the LLC responsible for any liabilities or losses incurred by the member due to any contractual obligations that the LLC has agreed to honor. In order for a Demand for Indemnity from a Limited Liability Company by Member to be valid, it must be in writing and signed by both the LLC and the member. Additionally, the demand must be made in accordance with the laws and regulations of the jurisdiction in which the LLC is registered.
Demand for Indemnity from a Limited Liability Company by Member
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FAQ
A demand letter from a contract party to another party notifying it of a claim and demanding indemnity and defense under the terms of the contract.
Generally, indemnification refers to a situation in which one party (the ?indemnifying? party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the ?indemnified? party).
The supplier indemnifies the customer where the supplier breaches the contract. It also requires the customer to indemnify the supplier where the customer breaches the contract.
Indemnification usually transfers risk between the parties to the contract. Limitation of liability prevents or limits the transfer of risk between the parties. With those basic concepts in mind, think about the risks that arise out or relate to the contract.
Under a typical indemnification provision, the employer agrees to indemnify the executive against lawsuits, claims, or demands against the employee resulting from the employee's good faith performance of his or her duties and obligations.
To indemnify means that the seller will reimburse the buyer for a loss or liability. To defend means that the seller will pay the buyer's legal fees for suits that arise from specific risks articulated in the contract.
?The elements of a cause of action for indemnity are (1) a showing of fault on the part of the indemnitor and (2) resulting damages to the indemnitee for which the indemnitor is contractually or equitably responsible.? Expressions, supra, 86 Cal. App.
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.