indemnity clause


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indemnity clause

See hold-harmless clause.

References in periodicals archive ?
Consequently, indemnity clauses have become a ubiquitous feature in modern offshore oil and gas contracts.
The court found that the indemnity clause would cover the costs of legal fees in other situations; for example, criminal charges arising out of publication of allegedly obscene material, assault charges against an editor who had broken up a fight in the newsroom, and (in the case of a lorry driver rather than an editor) charges of careless or dangerous driving.
Once a claim arises, the insurer should determine whether an indemnity clause exists and what rights and obligations the agreement gives to the insured.
Indemnity clauses are fully enforceable in Arkansas as long as they use specific language that fully sets forth the circumstances under which they will apply.
The agreement apparently contained no specific indemnity clause (11) that would protect the former spouse's entitlement to retired pay should the servicemember choose to receive disability payments and thereby waive a portion of his retired pay.
Further, the parties to a contract should be free to allocate the risks arising out of a construction project as they see fit and there is nothing wrong with an individual agreeing to be responsible for the property damage or personal injury that another person causes if the indemnitor willingly subscribes his name to such an indemnity clause.
This is acceptable, as the buy-out clause or indemnity clause should be drafted, in my opinion, clearly mentioning article 17 and that the sum specified is "the one due as compensation in the event of a unilateral breach, respectively termination of the contract by either of the parties".
The contract might also include a request for a hold harmless and indemnity clause to the camp's benefit.
A basic element of many contracts is a hold-harmless or indemnity clause.
Finally, trade mark licences are registerable at the Intellectual Property Office, which affords you additional protection; and don't overlook including indemnity clauses in your agreement to protect you, in case your IP is infringed by your licensee.
The indemnity clauses in the asset purchase contract proved to be the second-best protection.