WebJul 13, 2024 · An indemnification clause will protect the indemnee from financial losses, allowing them to be made whole for expenses, losses, damages, and other financial risks. ... In those cases where the design is inadequate or omits an element, a hold harmless agreement prevents the contractor from legal action against the designer or project … WebRelated to CONTRACTOR SHALL INDEMNIFY. LEGAL INDEMNIFICATION (a) Subject to the other provisions of this Article, members charged with and finally acquitted of a …
Indemnification: A Misunderstood Concept - Adams on Contract …
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. Indemnification can also cover direct claims, which are claims or … See more Indemnification clauses allow a contracting party to: 1. Customize the amount of risk it is willing to undertake in each transaction and with every counterparty 2. Protect itself from damages … See more A typical indemnification clause consists of two separate and distinct obligations: an obligation to indemnify, and an obligation to defend. See more For the indemnifying party, the obligation to defend consists of both: 1. An obligation. The indemnifying party must: 1.1. Reimburse paid defense costs and expenses 1.2. Make … See more WebMay 29, 2024 · A properly worded indemnification clause is critical to reducing risk in a construction contract. An indemnification clause may include any, or all, of three distinct obligations, including to (1) indemnify, (2) defend, and (3) hold harmless the client. Indemnify means to reimburse your client following a loss. [printfriendly] cd djavan 2002
3 Key Provisions for Every Independent Contractor Agreement
WebSample 1. Manufacturer's Indemnification. Manufacturer shall defend, indemnify and hold Buyer and its parent companies, subsidiaries, affiliates, officers, directors, employees, agents and representatives harmless from any and all claims, demands, liabilities, actions, suits, proceedings, losses, injuries and death, including damages, judgments ... WebApr 26, 2012 · This INDEMNIFICATION AND RELEASE AGREEMENT, made and entered into effective as of April 26, ... by contract, agreement, obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment, undertaking or otherwise. For the avoidance of doubt, after the Distribution, the members of the ConocoPhillips Group … cd dj biro