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Indemnity Provisions - Duration of the Indemnity

Indemnity Provisions - Duration of the Indemnity

Name: Indemnity Provisions - Duration of the Indemnity
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.71 (442 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

Control #:

US-ND1009

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline the duration of any indemnity under the contract agreement, particularly for tax or environmental claims.

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FAQ

You should look to limit indemnification clauses by narrowing their scope, putting in caps on damages, and clearly defining the indemnifiable acts (i.e. the representations and warranties in the example above). Also consider purchasing insurance as a means to limit your financial risk.

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.

The most important part of an indemnification clause is that it protects the indemnified party from lawsuits filed by third parties. This protection is important because damaged parties are still able to pursue compensation for their losses even if this clause isn't in the contract.

Third party indemnification refers to a clause in the contract between a company working in health care or safety industries and a customer, specifying the compensation the customer is due in case of third-party losses.

Indemnity is compensation paid by one party to another to cover damages, injury or losses.An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

Liquidated Damages v. Capped Indemnity clause.However, a capped indemnity clause operates on a different footing as the concept of reasonability, foreseeability and remoteness applicable to a damage claim is not applicable to the adjudication of an indemnity claim.

Indemnity clauses are written into contracts to allow an indemnifier to take on any losses incurred by a party in the contract. They can also be used to absolve the indemnifier or the other party of liability if a breach of contract occurs, or damages/loss of goods are incurred.

As discussed, an indemnity provision transfers risk from one party (called the indemnitee) to another party (called the indemnitor). Under an indemnity provision, the indemnitor agrees to reimburse the indemnitee for losses resulting from a claim or claims brought by a third-party.

Thus, it can be understood from reading Section 124 of the Contract Act that indemnity can be claimed when one party gives assurance to the other party to provide protection from any kind of loss or damage that has accrued or incurred by that other party due to the action of the person who is giving such assurance.

Indemnity Provisions - Duration of the Indemnity

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FAQ

How do you limit an indemnity clause?

How does an indemnity clause work?

Do I need an indemnity clause?

What is a third party indemnity provision?

What is indemnity example?

Can indemnity be capped?

Why is an indemnity required?

What is indemnity provision?

When may an indemnity clause exist in an agreement?

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