This is a due diligence contract provision that a company will provide reimbursement for any losses that the director may incur in business transactions.
Virginia Director Favorable Director Indemnification Agreement
Category:
State:
Multi-State
Control #:
US-DD0603
Format:
Word;
PDF;
Rich Text
Instant download
Description
Free preview
How to fill out Director Favorable Director Indemnification Agreement?
Finding the right authorized document template might be a struggle. Of course, there are plenty of templates accessible on the Internet, but how can you find the authorized type you will need? Take advantage of the US Legal Forms internet site. The services provides a huge number of templates, such as the Virginia Director Favorable Director Indemnification Agreement, which you can use for company and personal requirements. All of the forms are checked by specialists and meet federal and state requirements.
When you are presently registered, log in to the account and click the Down load option to have the Virginia Director Favorable Director Indemnification Agreement. Utilize your account to check from the authorized forms you have bought in the past. Proceed to the My Forms tab of your own account and have one more backup in the document you will need.
When you are a whole new consumer of US Legal Forms, listed here are basic guidelines for you to stick to:
- First, make certain you have chosen the right type for the town/county. It is possible to look over the shape while using Review option and look at the shape description to ensure it is the best for you.
- In case the type does not meet your preferences, take advantage of the Seach area to obtain the proper type.
- When you are certain that the shape is suitable, click the Acquire now option to have the type.
- Pick the rates plan you would like and enter the essential information and facts. Create your account and pay money for the order making use of your PayPal account or credit card.
- Opt for the submit formatting and obtain the authorized document template to the device.
- Comprehensive, modify and produce and signal the acquired Virginia Director Favorable Director Indemnification Agreement.
US Legal Forms will be the biggest local library of authorized forms in which you will find different document templates. Take advantage of the service to obtain expertly-manufactured paperwork that stick to condition requirements.
Form popularity
FAQ
Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.
Any UK company can now indemnify any of its directors, and any director of a company in the same group, against damages, costs and interest awarded against him in civil proceedings brought by a third party, and against legal and other costs incurred in defending both civil and criminal proceedings if and when the
A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.
Further, in light of the recent amendments to Section 145, only certain officers are entitled to mandatory indemnification of expenses as a matter of law when they are successful on the merits; an indemnification agreement allows a director or officer to secure such rights in the absence of express statutory coverage.
An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c
Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.
Subject to the exceptions mentioned below, the Companies Law prohibits a company and its subsidiaries from exempting any director from, or indemnifying any director against, any liability incurred by the director as a result of the director acting as a director of the company.
Indemnification is a legal agreement by one party to hold another party blameless not liable for potential losses or damages.
Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.