An Indemnity Agreement is a contract between two parties where one party agrees to protect the other party from any losses or damages they may incur. This protection is usually provided in exchange for payment, though it can also be an act of good faith. Indemnity Agreements can be used for a variety of different purposes, ranging from protecting business partners to shielding employers from employee liability claims. There are two main types of Indemnity Agreement: General Indemnity Agreements and Specific Indemnity Agreements. General Indemnity Agreements provide broad protection against any losses or damages incurred by a party, while Specific Indemnity Agreements are tailored to a particular situation and provide protection against specific types of losses or damages. Both types of Indemnity Agreement can include provisions for the payment of compensation, indemnification of costs, and reimbursement of expenses.
Indemnity Agreement
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FAQ
?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
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.
Example 1: A service provider asking their customer to indemnify them to protect against misuse of their work product. Example 2: A rental car company, as the rightful owner of the car, having their customer indemnify them from any damage caused by the customer during the course of the retnal.
Example of Indemnity in Business The owner of a commercial property has been paying an insurance premium to an insurance company so that she can recover the costs for any loss or damage if a future bad event were to happen to the establishment.
Indemnity agreements, also known as indemnity clauses, play an integral role in contracts. That's because they are designed to punish the nonperforming party and reassure the damaged one they will be reimbursed for losses caused by the errant entity.
?To indemnify? means to compensate someone for his/her harm or loss. 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.
Indemnification clauses allow a contracting party to: Customize the amount of risk it is willing to undertake in each transaction and with every counterparty. Protect itself from damages and lawsuits that are more efficiently borne by the counterparty.
