Easily Delete Date to the Indemnification Agreement

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How to Delete Date to the Indemnification Agreement

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What is the purpose of 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.

What is the time limit for indemnity?

There is no time limit for raising an Indemnity Claim.

What does indemnity mean in a divorce?

Legally defined as, to make reimbursement to one of a loss already incurred by him, an indemnity clause states that one party agrees to indemnify the other party, or absorb the losses caused by the other party.

Should you agree to indemnification clause?

Generally, you should only agree to pay for losses arising from your own actions and not the other partys actions. If you want to draw a stricter line, you could negotiate an indemnification provision that only holds you liable for gross negligence and willful misconduct, and not simple negligence.

What does it mean to indemnify your wife?

Indemnity clauses are common in divorce decrees to protect one spouse against the other spouses court-assigned responsibility for paying a joint debt. Indemnify means to hold harmless for loss.

What is indemnification date?

Indemnification Date means, with respect to a claim for indemnification by a Parent Indemnitee pursuant to Article IX or Section 11.02, the date on which it is determined in ance with this Agreement that such Parent Indemnitee is entitled to be indemnified for Damages pursuant to Article IX or Section 11.02, as

What does indemnification mean in a divorce decree?

Indemnification creates a new debt It means to make someone whole should they suffer a particular kind of loss. In the case of a divorce, a right to indemnity would require one spouse to pay all the damages inflicted on the other by reason of a debt assigned to the other spouse.

What is the indemnification clause in an agreement?

Indemnity Clause Defined Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay.

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