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Buyers Indemnification The buyer normally agrees to indemnify the seller against bdocHubes of the purchase agreement. Common clauses include the buyers covenant to offer employment and certain benefits to the sellers key members of staff.
Should I agree to an indemnification clause?
Bottom line, you dont NEED to include anything in your contract. What you include is up to you. But if the goal is to protect yourself from risk to the maximum, I cant think of an obvious reason why having an indemnity clause would be a bad idea.
What is indemnification in simple terms?
To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
What does it mean to indemnify a buyer?
To indemnify means that the seller will reimburse the buyer for a loss or liability.
What does it mean to indemnify a customer?
Indemnification is a promise by the indemnifying party to pay for certain losses, liabilities, damages, costs and expenses (collectively, Losses) of the indemnified party that result or arise from certain occurrences that are enumerated in the applicable contract. That is it.
Indemnification provisions 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 the counterparty can more efficiently bear.
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INDEMNIFICATION AND RELATED ISSUES
19.02 Indemnification by Buyer. Buyer shall indemnify, defend and hold harmless Seller (and its Affiliates) from and against any and all Third Party Damages
If the provision of Services or shipment of the. Parts is postponed or delayed by Buyer for any reason, Buyer agrees to reimburse Seller for any and all storage
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