This form provides boilerplate contract clauses that restrict or limit the dollar exposure of any indemnity under the contract agreement with regards to taxes or insurance considerations.
Virgin Islands Indemnity Provisions - Dollar Exposure of the Indemnity regarding Tax and Insurance Considerations
Category:
State:
Multi-State
Control #:
US-ND1011
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Word;
PDF
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How to fill out Indemnity Provisions - Dollar Exposure Of The Indemnity Regarding Tax And Insurance Considerations?
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FAQ
The purpose of an indemnity is to provide guaranteed compensation to a buyer on a dollar for dollar basis in circumstances in which a breach of warranty would not necessarily give rise to a claim for damages or to provide a specific remedy that might not otherwise be legally available.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
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.
An indemnification clause should clearly define the following elements: who are the indemnifying party and the indemnified party, what are the covered claims or losses, what are the obligations and duties of each party, and what are the exclusions or limitations of the indemnity.
The buyer and seller will then negotiate the 'caps' to these representations; that is, the maximum amount of money the buyer can recoup from the seller if it turns out that these representations are not accurate. Indemnification Caps: Typically, small market transactions have caps equal to 50% of the purchase price.
Indemnity is a type of insurance compensation paid for damage or loss. When the term is used in the legal sense, it also may refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
An obligation by one person to provide compensation for a particular loss suffered by another person. In the context of share and asset purchase agreements, a promise by one party to reimburse another party (on a dollar-for-dollar basis) in respect of a particular liability that may arise.
