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Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
What is the indemnification clause in a settlement agreement?
An indemnity agreement means that the party signing the release agrees to indemnify the party being released protecting them against and/or reimbursing them for future damages or liabilities incurred by the released party associated with any threatened or actual civil or criminal proceedings.
Why is indemnification needed?
Indemnification provisions or clauses appear in nearly all commercial agreements. They serve as an essential tool for allocating risk between parties and are, therefore, among the most commonly and heavily negotiated provisions in a contract.
What is the purpose of the indemnification agreement?
What Is an Indemnification Clause? An indemnification clause is a legally binding agreement between two parties specifying that one party (the indemnifying party) will compensate the other party (the indemnified party) for any losses or damages that may arise from a particular event or circumstance.
Do indemnification clauses hold up in court?
Scope and Limitations: Courts may also assess the scope and limitations of an indemnification clause. If a clause is overly broad, one-sided, or attempts to indemnify a party against gross negligence or wilful misconduct, courts may limit its enforceability to ensure fairness and reasonableness.
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What is the purpose of the indemnification provision?
An indemnity clause is a contractual clause providing that one party is responsible for any losses or damages arising from a certain event or set of circumstances. In effect, the indemnity clause shifts the risk of that event occurring from the indemnified party to the indemnifying party.
What is the indemnification clause in litigation?
Indemnification clauses are common in many commercial agreements. Broadly speaking, indemnity allows one party to hold the other party liable for the losses suffered as a result of third-party claims or other specified conduct covered by the indemnity provisions.
What are the fundamental purposes of indemnity?
Under Section 124 of the Indian Contract Act of 1872, a contract of indemnity is defined as: A contract by which one party promises to compensate the other party for losses caused by the conduct of the promisor or any other person. Objective: To shield the promisee from unexpected losses.
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CONTRACT DRAFTING AND NEGOTIATION
Indemnification obligations in contracts are a method for allocating risk and shifting losses and costs to another party. The basic purpose of contractual
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