West Virginia Indemnification Agreement for Litigation

State:
Multi-State
Control #:
US-60786
Format:
Word; 
Rich Text
Instant download

Description

This is a multi-state form covering the subject matter of the title.
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  • Preview Indemnification Agreement for Litigation
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FAQ

At their core, indemnification provisions transfer liabilities related to a claim from one party to another party, generally in the event of a breach of contract or a party's negligence or misconduct in the performance of the agreement.

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.

An indemnification agreement provides additional protection for businesses by ensuring that they are not held liable for damages or losses that occur outside of their control. This agreement allows the company to continue its operations while protecting against lawsuits.

Sellers should also limit the survival period for most indemnification claims to just a short time after closing, i.e., six months to two years (although certain "fundamental" claims or particularly risky claims typically survive for much longer periods).

Tips for Enforcing Indemnification ProvisionsIdentify Time Periods for Asserting Indemnification Rights.Provide Notice in a Timely Fashion.Notify All Concerned Parties.Understand Limitations on Recovery.Exclusive Remedy.Scope of Damages.Claims Process/Dispute Resolution.

Causes of action.The indemnifying party becomes responsible for a cause of action when the indemnified party'sor a third party'sright to seek relief, as the case may be, accrues.

California courts have held that indemnify and hold harmless confer distinct rights: (1) Indemnify is an offensive right, allowing the indemnified party to seek indemnification from the indemnifying party; (2) Hold harmless is a defensive right, protecting the indemnified party from being bothered by the other

For the indemnifying party, the obligation to defend consists of both:An obligation. The indemnifying party must: Reimburse paid defense costs and expenses. Make advance payment for unpaid defense costs and expenses.A right. The indemnifying party has the right to assume and control the defense of the third-party suit.

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West Virginia Indemnification Agreement for Litigation