Easily Remove Currency into the Indemnification Agreement

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How to Remove Currency into the Indemnification Agreement

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What is a savings clause example?

The determination that any provision of this Agreement is invalid or unenforceable shall not invalidate this Agreement, and the remainder of this Agreement shall remain valid and enforceable to the fullest extent permitted by law.

What is the savings clause of indemnity?

To the fullest extent permitted by law, the contractor shall indemnify and hold harmless the owner This language is also called the savings clause, given that if an indemnity provision contains unenforceable language, the words to the fullest extent permitted by law can save the contract.

What is the purpose of indemnity clause?

Indemnification clauses allow a contracting party to: Customize the amount of risk it is willing to undertake in each transaction and with every counterparty. Protect itself from damages and lawsuits that are more efficiently borne by the counterparty.

What is the savings clause in a contract?

A savings clause is the labor relations equivalent of the severability clauses used in commercial contracts (see Standard Clause, General Contract Clauses: Severability). A savings clause: Severs an invalid, unlawful, or unenforceable CBA provision from the CBA. Preserves the validity of the remainder of the CBA.

What is currency indemnity?

More Definitions of Currency Indemnity Currency Indemnity . If that amount in the Currency of Account is less than the amount of the Liability in the Currency of Account the Company shall indemnify the Collateral Agent against any loss sustained by it as a result.

What is the indemnity clause for payment?

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

What are the limitations on an indemnification clause?

No Indemnified Party shall be entitled to indemnification for any Losses unless such Indemnified Party has sustained Losses which, in the aggregate, exceed $50,000, and then for all Losses as provided above.

Does indemnification mean that an insurer compensates you for your loss?

Indemnification is an agreement where your insurer helps cover loss, damage or liability incurred from a covered event. Indemnity is another way of saying your insurer pays for a loss, so you dont have financial damages.

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Remove Currency into the Indemnification Agreement