The Vermont Form of Indemnification Agreement by Kyle Technology Corp. is a legally binding document that outlines the terms and conditions under which Kyle Technology Corp. agrees to indemnify and hold harmless its employees, officers, directors, and agents (the "Indemnities") from any claims, damages, liabilities, costs, or expenses arising out of their roles and responsibilities within the company. This agreement serves as a crucial means of protection for the Indemnities, ensuring that they are shielded from any legal or financial repercussions that may arise from their actions taken in good faith on behalf of Kyle Technology Corp. The Vermont Form of Indemnification Agreement covers a wide range of scenarios, including but not limited to: 1. Legal Action: The agreement safeguards the Indemnities in the event of any legal action, such as lawsuits or claims made by third parties as a result of the Indemnities' actions within the scope of their duties. 2. Defense Costs: It stipulates that Kyle Technology Corp. will bear the expenses related to defending any legal proceedings, including attorney fees, court costs, and other associated costs incurred by the Indemnities. 3. Settlements and Judgments: The agreement clarifies that Kyle Technology Corp. will indemnify the Indemnities for any settlements or judgments legally entered against them, provided that their actions were within the scope of their roles. 4. Expenses: It ensures that Kyle Technology Corp. will reimburse the Indemnities for any reasonable expenses incurred during the defense of legal proceedings covered by the agreement, including travel, accommodation, and other necessary costs. It is important to note that while this description outlines the general provisions of the Vermont Form of Indemnification Agreement by Kyle Technology Corp., there may be different variations or additional clauses depending on its specific application or the preferences of the parties involved. Therefore, it is recommended to consult the actual agreement for the complete and accurate terms and conditions governing the indemnification process.
Vermont Form of Indemnification Agreement by Kyle Technology Corp.
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How to fill out Vermont Form Of Indemnification Agreement By Kyle Technology Corp.?
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Example: Indemnify and Hold Harmless Clause The supplier agrees to indemnify and hold harmless the customer against all claims arising in respect of any injury, death, sickness or ill-health caused to or suffered by the customer and its personnel as a result of performance or non-performance of this Agreement.
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.
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction.
On this page you'll find 61 synonyms, antonyms, and words related to indemnification, such as: compensation, indemnity, restitution, benefit, counterclaim, and coverage.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
Meaning of indemnification in English the act of paying or promising to pay someone an amount of money if they suffer damage or loss: They asked for some form of indemnification in case the proposed deal was blocked. The government has allocated large sums for the indemnification of farmers whose crops are destroyed.
What is indemnification? 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.
It is primarily intended to protect the person who is providing goods or services from being held legally liable for the consequences of actions taken or not taken in providing that service to the person who signs the form. Indemnity clauses vary widely.