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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.
Aug 9, 2023 · Indemnifications, or hold harmless provisions, shift risks or potential costs from one party to another. View a sample indemnification clause and learn more about its use and enforceability.
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.
The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance wi...
May 13, 2019 · Indemnity clauses are written into contracts to allow an indemnifier to take on any losses incurred by a party in the contract. They can also be used to absolve the indemnifier or the other party of liability if a breach of contract occurs, or damages/loss of goods are incurred.
May 14, 2021 · What is an Indemnity Agreement? An indemnity agreement, also known as a hold harmless agreement, waiver of liability, release of liability, or no-fault agreement, safeguards the indemnified party against loss or damages associated with a third-party business arrangement.
Feb 1, 2023 · An indemnity clause transfers risk from one contractual party to the other in the event of loss or damages as a result of certain events. About Indemnity Clauses. Indemnity clauses are common in contracts, and they shift risk and potential costs from one contractual party to the other.
Indemnity clause samples. 12.2 Indemnity. The Company shall indemnify, defend, and hold harmless the Ramot Indemnitees against any liability, damage, loss, or expense (including reasonable attorneys fees and expenses of litigation) incurred by or imposed upon any of the Ramot Indemnitees in connection with any third party claims, suits, actions ...
Feb 25, 2024 · An indemnity clause is standard in the majority of insurance agreements. However, exactly what is covered, and to what extent, depends on the specific agreement. Any indemnity agreement...
An indemnification clause ensures that you don’t face civil damages in several legal situations. In this article, we discuss indemnification, how it works in legal contracts, different types of indemnification, examples, and more. Let’s start by looking at its definition.
