Define indemnified party

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August undefined, 2024

WebExamples of Indemnified Party or Parties in a sentence. An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the … WebSep 17, 2024 · Key Considerations from perspective of Indemnified Party. Define "Losses" Cautiously: Since indirect, consequential and remote losses can be claimed under indemnity clause, it is vital to be cautious in defining losses or liability. The definition must not be exhaustive, rather should use terms like Losses includes instead of Losses means ...

Indemnity: What It Means in Insurance and the Law

WebApr 23, 2008 · First, section 5 defines “indemnified party” as meaning Wal-Mart and its employees, officers, contractors, and affiliates, regardless of whether they’re entitled to … WebAn indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other. In a mutual indemnification, both parties agree to compensate the other party for losses arising out of the agreement to the extent those losses are caused by the indemnifying party's breach ... hope house shawnee ok

Indemnified - definition of indemnified by The Free Dictionary

WebRelated to Keep indemnified. Company Indemnified Party has the meaning set forth in Section 9.1. Company Indemnified Person means (a) any Administrator; (b) any Affiliate of any Administrator; (c) any officers, directors, shareholders, members, partners, employees, representatives or agents of any Administrator; or (d) any officer, employee or ... WebParty A [indemnifying party] agrees to indemnify and save Party B [indemnified party] harmless against all claims for damages to persons or to property and claims for loss, damage and/or theft growing out of the execution of Party A’s work. hope house shelter excelsior

Difference Between Indemnify and Hold Harmless - UpCounsel

indemnifying party - English definition, grammar, pronunciation ...

WebAn indemnification clause is a common element of contracts, used to formally transfer the risk of potential liability from one party to another. Legally defined as, “to make reimbursement to one of a loss already incurred by him,” an indemnity clause states that one party agrees to “indemnify the other party,” or absorb the losses ... WebIndemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It’s a clause that contractually obligates one party to compensate another … hope house shelter delawareWebDefine indemnified. indemnified synonyms, indemnified pronunciation, indemnified translation, English dictionary definition of indemnified. tr.v. in·dem·ni·fied , in·dem·ni·fy·ing , in·dem·ni·fies 1. To protect against damage, loss, or injury; insure. 2. To make compensation to for damage, loss,... long ruffled flower girl dresses

"WebIndemnification hereunder is contingent upon (a) the party(ies) to be indemnified (the “indemnified party(ies)”) promptly notifying the other party(ies) (the “indemnifying … " - Define indemnified party

Define indemnified party

Indemnification Clause: Everything You Need to Know

WebSpecifically, an indemnity clause states the conditions under which one party has to compensate the other contractual party for claims, unintentional harms, or other liability that could befall the indemnified party (i.e., the one to be compensated). This is usually due to the fault of the indemnifying party. What it means to indemnify a party ... WebApr 12, 2024 · Indemnity is compensation for damages or loss, and in the legal sense, it may also refer to an exemption from liability for damages. The concept of indemnity is based on a contractual agreement ...

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Webindemnified definition: 1. past simple and past participle of indemnify 2. to pay or promise to pay someone an amount of…. Learn more. WebA contract of indemnity basically involves one party promising the other party to make good its losses. These losses may arise either due to the conduct of the other party or that of somebody else. ... We can also refer to the Indemnified party as the Indemnity Holder. For example, in the earlier example, C is the Indemnifier and B is the ...

WebIndemnification Clause Defined. Indemnification clauses, also known as hold harmless agreements, transfer the liability of one party’s action away from the other. They can include mutual indemnification clauses and one-sided indemnification clauses. They can also define specific terms such as: Indemnity caps. Covered events. WebTypical Indemnity Clause. This is an example of what a typical indemnification clause can look like: “Party A will perform work at own risk, and indemnifies Party B against all loss, …

WebMay 5, 2024 · Indemnification is the practice of guaranteeing a third party claim against your counterparty. Imagine that you have a contract with a staffing agency to supply temporary staff working on your property, and in the course of their assigned duties, one of those temps causes a third party to be injured. WebSample Clauses. Indemnifying Party. If an Indemnifying Party is obligated to indemnify and hold any Indemnified Party harmless under this Article 18, the amount owing to the …

WebJul 24, 2024 · TCB Prop. Mgmt. There, the court categorized the obligations to indemnify and hold harmless as offensive and defensive rights. Indemnification, according to the court, is “an offensive right—a ...

WebJul 24, 2024 · However, under the minority view, “hold harmless” requires payment of both actual losses and potential liabilities, while “indemnify” protects against incurred losses only. The main difference in this case is that “hold harmless” may require a party to protect against actual losses as well as potential losses while indemnification ... long ruffle cardigan sweaterWebExamples of Indemnified Party in a sentence. The Indemnified Party may also participate in the defense at its own expense.. The Indemnifiable Losses shall be reimbursed by the … longruf reviewsWebThe party that provides the protection is the indemnitor, while the party protected is the indemnitee.‌ ‌ Indemnity agreements usually work in either or both of the following ways:‌ To protect the indemnified party from any liability arising from third party claims; To prevent the indemnitor from making any claim against the indemnified party longruf gps websiteWebApr 12, 2024 · Indemnity is compensation for damages or loss, and in the legal sense, it may also refer to an exemption from liability for damages. The concept of indemnity is … long ruffle swimsuit top beallsWebAny deductibles, baskets, or thresholds that apply to shift the risk back to the indemnified party until the specified level of damages have accrued. The relationship between the indemnification clause and other provisions in the contract, for example, any: 11. Any statutory, common law, or public policy barriers to indemnification, such as any ... hope house shelter villa park ilWebIn contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts … hope house shelter bangor maineWebTypical Indemnity Clause. This is an example of what a typical indemnification clause can look like: “Party A will perform work at own risk, and indemnifies Party B against all loss, damages, expense, and liability resulting from injury to property." In this example, Party A is agreeing that even if Party B would have been found liable for an ... long ruffled priscilla window curtains