Remove Selected Option from the Indemnification Agreement and eSign it in minutes

Aug 6th, 2022
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How to Remove Selected Option from the Indemnification Agreement

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right well good morning everyone my name is Rebecca green Im a shareholder in our employee benefits practice here at reinhart and today Im going to go over some basics of ERISA and fiduciary duties and which are the rules governing employee benefit plans so get past the housekeeping so were going to start with very briefly kind of identifying how you become a fiduciary and then what those fiduciary duties are and then were going to kind of move into the meat of the presentation how do you minimize liability for for fiduciaries and then things that hot topics and trends for fiduciaries in the employee benefit plan world and as you might imagine with a lot of other areas of law right now given the recent election of president elect Trump and the control of the White House and both houses of Congress moving to the Republican Party we would we will be expecting I think some changes from current administrative practice by the agencies the agency responsible for policing ERISA fiduciarie

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Exceptions to indemnify For instance, actions may be excluded by an indemnity clause when indemnification for claims or losses resulting from the indemnified partys: Gross negligence or carelessness; Incorrect product usage; Bad faith or non-compliance with the agreements requirements.
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.
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.
There are 3 levels of indemnification: broad form, intermediate form, and limited form. This requires the indemnitor to pay not only for its liabilities but also for the indemnitees liability whether the indemnitee is solely (i.e. 100%) at fault or partially at fault.
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.
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other partys actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
Indemnity clauses are most commonly misused for two reasons: That if a risk is not covered by an indemnity, a party will not have adequate means of recovering its loss if the risk materialises. That an indemnity clause has advantages over a claim for damages such that if they can be used, they should be used.

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