What is the wording for mutual indemnification?
Each party shall indemnify, defend, protect, hold harmless, and release the other, its officers, agents, and employees, from and against any and all claims, loss, proceedings, damages, causes of action, liability, costs, or expense (including attorneys fees and witness costs) arising from or in connection with, or
What are the three 3 methods of indemnity?
An agreement under which one party shifts to another the responsibility for a loss. Three types which exist are (1) hold harmless agreements, (2) exculpatory agreements, and (3) indemnity agreements.
When Should indemnification be mutual?
In a mutual indemnification agreement, both parties agree to compensate the other party for damages arising from a bdocHub of contract for which the indemnifying party was responsible. In other words, no matter which party bdocHubed the contract, the bdocHubing/indemnifying party would foot the legal bills.
How do you write a mutual indemnification clause?
Each party hereby agrees to indemnify, defend, and hold the other party harmless from any and all claims, demands, costs, liabilities, losses, expenses and damages (including reasonable attorneys fees, costs, and expert witnesses fees) arising out of or in connection with any claim that, taking the claimants
What is an example of a mutual indemnification clause?
Examples of Indemnification Clauses Conversely, a mutual indemnification agreement could look something like this: Each party agrees to indemnify, defend, and hold harmless each other for and from any loss or liability arising out of the partys bdocHub of this contract.
What is a cross indemnification agreement?
Under cross-indemnity agreements, the indemnification obligation is reciprocal in nature, regardless of fault. Therefore, each party obligates itself to indemnify the other for liabilities arising out of each others acts or omissions.
Should indemnification clauses be mutual?
Many clients insist on unilateral indemnification clauses, basically putting all potential liability solely on a contractors shoulders. The latter should insist on a mutual indemnification clause, where both parties are responsible for liabilities that arise out of their own fault.
What is an example of a mutual hold harmless clause?
An example of a hold harmless clause is: The contractor holds the principal harmless from any action, claims, liability or loss in respect of the performance of the services. Under this hold harmless clause, the contractor is not only prevented from bringing any claim against the principal (even if the principal has
