This clause is also called a collision clause and is included in hull policies. It provides that the underwriter agrees to take upon the liability of the owner of the ship for damage done by his vessel to another vessel on collision to the extent of three-fourths of such liability. Mar 07, 2019 · Indemnification clauses often require the subcontractor to defend and reimburse (indemnify) the GC against certain losses or expenses. Indemnification clauses often originate in the owner/contractor agreement and the GC attempts to push down to the subcontractors as much of the indemnification risk that he has assumed toward the owner as possible. Dec 22, 2019 · Indemnity is meant to serve as protection in the case of issues arising from subsequent claims. An example would be if you were the owner of a vehicle manufacturer. RECIPROCAL or mutual indenmity agreements, (1) often referred to as "knock for knock" agreements, are frequently used in the oil industry to allocate risk by contract, rather than through the vagaries of the legal system. indemnification clause under Ohio law. Like most supply of goods and services agreements, the seller, supplier, or service provider is the indemnifying party and the buyer or customer is the indemnified party. However, the parties can revise these Standard Clauses to customize the parties’ roles. For sample mutual indemnification clauses, _____(Undersigned) agrees to pay all reasonable attorneys' fees necessary to enforce said indemnification. This agreement shall be unlimited as to amount or duration, and it shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal agents and representatives. Jan 25, 2015 · What are the components of an indemnity clause? To understand how an indemnity clause works it is helpful to understand what the language used in an indemnity provision means. So, let’s take a look at the indemnity clause from the AIA A201 General Conditions we mentioned above and use it as an example: Indemnification Clause. 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. Oct 13, 2016 · In an indemnification clause, one party agrees to protect the other from certain damages. These damages may include property loss or personal injury due to acts by certain people or entities. In your case, it would include guards, your company or your customer. This clause is also called a collision clause and is included in hull policies. It provides that the underwriter agrees to take upon the liability of the owner of the ship for damage done by his vessel to another vessel on collision to the extent of three-fourths of such liability. 10+ Sample Indemnity Agreement Templates An Indemnity Agreement enables to transfer risk from one party to another easily. Business people enter into indemnity agreement samples with other parties to protect themselves against employee lawsuits or claims for damages to goods or vehicles. Nov 01, 2012 · “Indemnity clauses are drafted in order to establish the terms and conditions upon which one party can shift risk associated with the performance of the contract.” Smart Business spoke with Devaney about how to make indemnity clauses work for you, shifting risk away from your business. What’s an example of how indemnity clauses work? Jun 11, 2019 · Indemnity clauses are often found in intellectual property licensing agreements. In another general example, a landlord may require a tenant to sign a "hold harmless" clause in a rental agreement, agreeing that the landlord is not responsible for damages caused by the tenant's negligence . Appendix C. Example of an Indemnification Agreement. Change Date January 25, 2016, Change 1. This entire section has been updated. NOW, THEREFORE, the United States Department of Veterans Affairs (VA), pursuant to the authority at 38 U.S.C. 3720(a), and “Lender” (ABC), agrees as follows: Quality Equipment Rental Agreement. For the purpose of this Rental Agreement, “Quality” shall mean Quality Rentals,Inc . DBA as Quality Equipment Rentals, its owners, officers, directors, shareholders, and employees, and “Customer” shall mean Customer, its agents and/or employees. Indemnification clauses can also be drafted that limit your liability only to those situations where you or your employees acted in a malicious or intentional fashion to cause harm. Another option is an indemnification clause can hold you liable, but limit the amount of damages that can be collected,... SAMPLE ARBITRATION CLAUSE LANGUAGE A. Simple Arbitration Clause Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration administered by the [American Arbitration Association/American Health Lawyers Association Alternative Dispute Resolution Service] Toto Counsel offers the benefits of an experienced business transactions attorney but at the competitive rates of a boutique practice. We are committed to providing outstanding value and satisfaction to our clients by delivering high-quality, timely and efficient legal services with uncompromising integrity. The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though Indemnitee may have ceased to serve in such capacity at the time of any covered Proceeding is commenced. Section 6. Partial Indemnification. If Indemnitee is entitled under any ... indemnity clause: A provision in a contract under which one party (or both parties) commit to compensate the other (or each other) for any harm, liability, or loss arising out of the contract. The formula to compute the amount of compensation is usually included in the contract. See also exclusion clause, exculpatory clause, exemption clause, ... Indemnity clauses are shrouded in mystery, as this is a complex area of Texas law. Even seasoned practitioners can mistake the prohibition against indemnities for a party’s own negligence as they relate to past or future acts. Standard Clauses providing for unilateral or mutual indemnification and defense in a sale of goods or services transaction. These Standard Clauses address the duty to compensate and defend for losses incurred, with optional hold harmless language, common exceptions to indemnification, notice of indemnification, control of defense, a liability basket, a liability cap, indemnification as a sole ... Indemnification-- Two sample clauses: 1) for use in “off-label” (use of drug NOT approved by the FDA) clinical trial agreements; 2) for use in “on-label” (FDA approved use of drug) clinical trial agreements. 12. Indemnification - Product Liability -- For use when Sponsor is obtaining University’s results, but the protocol is University’s. A contract clause is a specific section contained within a legal agreement that is used to describe specific terms, obligations, or representations of the parties to the contract. Access to the Contract Clause Library is free and is provided as a service to our members and the public. Sep 17, 2010 · If an indemnity clause is interpreted in this way, the indemnified party will have a claim under the contract for the sum payable under the indemnity (ie. an action for the recovery of a debt) as ... Officer Indemnification Agreement - Websense Inc.: Learn more about this contract and other key contractual terms and issues by viewing the many sample contracts FindLaw has to offer in our Corporate Counsel Center. One example of an indemnification clause in the context of a service provider providing services to a company is below: “Consultant agrees to indemnify and hold harmless the Company and those acting for or on behalf of the Company from and against... Find this Pin and more on Agreement Templates by davidjohnson. Indemnity Agreement Template Indemnity Agreement Template Form With Sample, Indemnity Agreement Template Sample Form Biztreecom, 10 Indemnity Agreements Free Sample Example Format Free, Here is a good looking Indemnity Agreement Sample well crafted by professional writers. Feb 28, 2020 · These example Indemnification Agreement are actual legal documents drafted by top law firms for their clients. Use them as Indemnification Agreement samples, Indemnification Agreement templates, competitive intelligence, drafting documents or to get information about transactions within a particular industry or sector. A contract clause is a specific section contained within a legal agreement that is used to describe specific terms, obligations, or representations of the parties to the contract. Access to the Contract Clause Library is free and is provided as a service to our members and the public. “Agreement” shall mean this Environmental Indemnification Agreement, as the same may hereafter be consolidated, extended, modified, amended or supplemented from time to time. “ Borrower ” shall have the meaning specified in the introductory paragraph hereof.