Virgin Islands Sample Environmental Indemnity Agreement - Detailed
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How to fill out Sample Environmental Indemnity Agreement - Detailed?
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FAQ
When an indemnification clause uses the word "defend," you want to look at it particularly carefully. "Indemnify" and "hold harmless" both mean pretty much the same thing: to make the injured party whole again. Language using "defend," on the other hand, may suggest responsibility for defending against lawsuits.
Indemnity is defined by Black's Law Dictionary as a duty to make good any loss, damage, or liability incurred by another. Indemnity has a general meaning of holding one harmless; that is to say, that one party holds the other harmless for some loss or damage.
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.
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
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
Why do I need an indemnity clause? Indemnity clauses are used to manage the risks associated with a contract, because they enable one party to be protected against the liability arising from the actions of another party.
An indemnity statement is a provision in a contract that requires one or both parties to compensate one another for any loss, liability, or harm that arises from the terms of the agreement.
A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.
For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.