Virginia Indemnification Provisions
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How to fill out Indemnification Provisions?
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FAQ
Indemnification of Employee. Employer shall indemnify Employee and hold him harmless for lawful acts or decisions made by him in good faith while performing his duties for Employer, its parent, subsidiaries and affiliates to the full extent allowed by law.
What Is Indemnity in Insurance? Indemnity is a comprehensive form of insurance compensation for damage or loss. It amounts to a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
Simply put, an indemnification clause lays out in legal language how one company (usually the buyer) will be compensated by another for losses they suffer after a merger or acquisition takes place.
Answer: Indemnification language in a contract is traditionally understood to apply only to third party claims and not to ?direct? claims between the parties themselves.
Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."
Indemnification clauses are contractual provisions that require one party (the ?Indemnitor?) to indemnify another party (the ?Indemnitee?) for losses that the Indemnitee may suffer. In prime contracts, the owner usually is the Indemnitee and the contractor is the Indemnitor.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
Section 11-4. of the Virginia Code states that any provision that waives or diminishes a subcontractor's right to claim ?demonstrated costs? executed before the subcontractor performs work is null and void. Arguably, an offset clause ?diminishes? a subcontractor's right to claim demonstrated costs.